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Taking Into Account The Closing Cost of Mortgages With Loan Origination

Taking Into Account The Closing Cost of Mortgages With Loan Origination - Closing costs of a mortgage should be factored in, because this is always significantly more then people think it will be.  Usually closing costs for a house will be somewhere around 3-5% of the price of the home.  These costs include lawyer fees and appraisal costs.  

Closing Cost of Mortgages, Mortgage Calculators, Closing Costs For a House

They also should include, charges for establish and transferring ownership, taxes and fees paid to state and local governments, costs associated with your mortgage loan financing and seller reimbursement and miscellaneous costs. 

Mortgage Calculators
In terms of financing closing costs, within three days of your filed application, your lender must mail you a good faith estimate of closing costs.  

This should include the following:
  • Loan origination fee.  This fee is charged by the lender to cover its administrative costs of processing the loan. 
  • Loan discount or points
  • Appraisal fee. 
  • Credit report fee
  • Lender's inspection fee.
  • Mortgage insurance application fee (if applicable)
  • Assumption fee - this fee is charged for processing the buyer's application to assume the existing mortgage loan.

You should also be aware that you will be expected to prepay your mortgage interest from the date of settlement to the first day of the following month.  The first mortgage payment is due one month after that.

For example, if the closing date is Jan 15, you are required to pay at closing the interest from Jan 14 to Feb 1.  The first monthly payment on the mortgage is due on March 1. 

Before you sign anything figure out what all the closing costs will be, and get a good lawyer to help you.

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