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Written by Tamara Schmitt
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Monday, 07 November 2005 |
Mortgage lenders are required to give you a Truth in Lending (TIL) statement containing information on the annual percentage rate, the finance charge, the amount financed, and the total payments required. For adjustable rate loans, the "total payments" figure is estimated as a "worst case" scenario.
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
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The Real Estate Settlement Procedures Act (RESPA) contains information on the settlement or closing costs you are likely to face. Within 3 days of the time you apply for the mortgage, your lender is required to provide you with a "good faith estimate of settlement costs," based on his or her understanding of your purchase contract. |
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
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The major portion of other up-front expenses is the deposit or binder you make at the time of the purchase offer and the remaining cash down payment you make at closing. In addition to the deposit and down payment, other up-front expenses can include the following: |
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Last Updated ( Wednesday, 23 August 2006 )
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Finance and Lender Charges |
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
Most people associate closing costs with the finance charges levied by mortgage lenders. The charges you pay will vary among lenders, so it pays to shop around for the best combination of mortgage terms and closing (or settlement) costs. You may have to pay the following charges:
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Last Updated ( Wednesday, 23 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
Third-party costs are expenses paid to others such as inspectors or insurance firms. You would have to pay many of these expenses even if you paid cash for the house. Examples of third-party costs are as follows:
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Last Updated ( Wednesday, 23 August 2006 )
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Written by Tamara Schmitt
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Monday, 07 November 2005 |
Statutory costs are expenses you would have to pay to state and local agencies even if you paid cash for the house and did not need to take out a mortgage. They include the following:
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Last Updated ( Tuesday, 22 August 2006 )
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