Mortgage Basics

Expenses over and above the price of the property. Common closing costs can include origination fees, discount points, appraisal fees, title insurance, escrow fees and mortgage insurance.

Lenders are required to provide borrowers with an estimate of the fees that will be due at closing. Lenders must provide this estimate within three days of taking a completed application that includes the proposed property address.

There may come a time during the life of your loan that you will wish to refinance. Perhaps you want to take advantage of lower interest rates or to consolidate debt. If you are eligible, in good credit standing, and with sufficient equity, you may be able to do just that.

For more information the mortgage process, be sure to talk with a lender or your real estate agent.

This lender process is used to determine how much of a risk you and your mortgage would be to their company. An underwriter will evaluate such things as your credit history, assets, as well as your employment, income and current debts. They’ll also evaluate the value and condition of the purchase

property.

The process of developing an opinion of a home’s market value, conducted by a licensed, professional real estate appraiser. Appraisals are used to determine if a home’s sale price (and the borrower’s requested loan amount) are appropriate.

A Closing Disclosure is a five-page document that includes all final details about your mortgage, including your terms, monthly payments, fees and all other costs. Lenders are required to provide this document three business days before your scheduled loan closing.