home mortgage loan rateshome mortgage loan rates

home mortgage loan rateshome mortgage loan rates

 

home mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rateshome mortgage loan rates
home mortgage loan rates          

Home Mortgage Loan Rates, Co: Terms Before Applying for Home Mortgage Loan Rates

Confused about closing terms? homeloanwiz can help! Below you'll find some frequently used terms:
What can I expect to pay for closing costs?
Nationwide buyers can expect to pay anywhere from  1 to 5 percent of the loan on closing costs. In other words, $1,000 to  $5,000 in closing costs on a home $100,000 home and include mortgage fees and other expenses. Because costs may vary area to area and from lender  to lender, it Ěs important to pay attention to details of the process.

Here is a list of standard closing documents you can expect at closing:

Appraisal fees. This fee is charged relative to the purchase price or size of the home.  For a $100,000 home, $275 is about the minimum charged.

Loan application fees and credit report.Consumers  typically pay $75 to $150 for this report although there heave been reports of credit fees as high as $350. ( If your are self employed, you will need a second business report that costs between $55 and $100.)

Documentation preparations. Some lenders could charge a variation of prices for this, some charge underwriting fees, processing fees and documentation preparation fees,  which regularly work out to be less than 1% of the loan amount.

Title insurance fee.A  mortgage policy, purchased by the buyer is required. Settlement or closing fees, title examination fee, endorsements and the actual mortgage policy fee are included in the title insurance fee.

Recording the mortgage.This varies from state to state and county to county,  but there is a fixed cost per page usually about $50

Documentary stamp tax on the mortgage.This varies  from state to state also, and totals about 35 cents per $100 borrowed

Survey fee. Depending on the  size of the property and what state you live in, this cost ranges from  $225 to $400.

Pest inspection. A good idea,  which cost $75 on average and should be part of an overall inspection

Homeowner's insurance.Most states collect 14 months in advance.

Mortgage insurance. Otherwise known as PMI, how much you put down determines this amount. Twenty percent down eliminates  mortgage insurance. The standard is that three months of this is collected.

Taxes.Most require four months collected in escrow.

Interim interest or daily rate of interest.You pay this through the day of closing through the end of the  month.

Points.Charges levied by the mortgage lender and usually payable at closing represent s 1% of the face value of the mortgage.

>return to top

 

home mortgage loan rates      
home mortgage loan rates

 | Group  Health Insurance | Long Term  Care | Life Insurance
Annuities | Disability Income | Home Owners | Auto Insurance | Mortgages

All  content is Copyright 2000-2001 Home Mortgage Loan Rates, Co. All Rights Reserved.