When taking a mortgage and calculating whether you have enough money to buy the house, there are other closing mortgage costs that you must know of before. Except the sales price of the home, there are a many other costs needed to be paid prior to the completing the mortgage deal.
There are many mortgages closing cost, which can change from a person to person and from one mortgage to another. Here are the main loan closing costs associated with the mortgage loan.
You should know most of them are worth negotiating terms to lower the costs.. The money you will have to pay will be needed as cash on hand payments before the mortgage is even given.
You should shop carefully and examine all the fees and terms prior to closing. It is generally too late to change those fees and terms at closing.
1. The Real Estate Agent fees - It is common that the buyer pays for if he used real estate agents to find the property he buys. The amount usually stated as a percentage of the price of property, and can be negotiated before the agent gets to work.
2. Loan Origination Fee -The money is paid to the loan officer who handled the mortgage deal and worked through the whole documentation process. The amount is usually a flat dollar amount.
This "application" fee and an "underwriting" fee you may be asked to pay, either take the place of or be in addition to a mortgage origination fee.
3. Loan Discount Points or Mortgage Points - This is a one-time charge by the mortgage lender in order to give you a lower interest rate on your loan. The idea is that when you pay 1% of the loan upfront, you lower the risk or the lender which makes it worth giving you the mortgage interest discount.
It’s a simple calculation to find out whether it is better paying the mortgage point upfront or stay with the current interest rate on your loan.
4. Appraisal Fees- Because the lender has to get money valuation estimate for the property you wish the mortgage for. The bank will ask independent, certified, licensed appraiser to visit the property and make an evaluation. The appraisal fees cover the cost for this visit, and are negotiable since it's an independent appraiser who will be coming.
5. Credit Report Fees- Those are paid in advance while getting your credit score from the bank. The lenders companies will require a credit report to determine how risky it would be to give you the mortgage. It is this credit score that will influence the mortgage interest rate, and the terms of the mortgage loan you will get. This score is some estimation on your financial ability and willingness to repay the loan. The higher your credit score, the better chances for you to get a good loan.
6. Mortgage Insurance Application Fee - While asking for the mortgage, you will need in some cases to get an insurance application fees. Those fees are part of the money on hand you need to keep as part of the closing costs for the loan.
Check here for more mortgage definitions.
As was said earlier there are many fine prints and hidden costs and fees closing of a mortgage deal. Many of these costs are negotiable and can be reduced when the mortgage officer or broker is still trying to close the deal with you.
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