What to Expect on Your Closing Costs

No one likes to be caught off guard with unexpected fees. Have you ever been in the middle of an online purchase and then realized you have to come up with another $7.50 for shipping fees? Those extra fees may cause you to reevaluate your purchase. Suddenly that online bargain blew your budget.

Contract to closing table

In home buying, saving for a down payment gets a lot of attention—it’s the number one obstacle to homeownership—but closing costs can be just as steep. So how much do you really need to get from a contract to the closing table?

It all depends on your loan so talk to your lender about what to expect and ask for an upfront estimate. Application fees, appraisal fees, property taxes, pre-paid interest and insurance fees may be included.

Homeownership programs may help cover costs

The good news is that there are homeownership programs that can help cover some or all of these costs. With a program, you may be able to fund both your down payment and closing costs, or even a portion of your closing costs. Stay in control of your home buying budget by doing your research early and finding out if you may qualify of a homeownership program. keep reading

5 Essential Questions to Ask Your Mortgage Lender

Questions to ask your lender

Let’s face it, it’s much more fun to search for homes online and attend open houses than it is to research your home loan. After all, what’s not to like about house hunting—you get to see beautiful homes and imagine yourself living in them.

As exciting as that is, it’s the financing that hangs most of us up and may prevent you from getting into a home altogether.

If you’re like many homebuyers, you’re not really sure where to start when it comes to your home loan. In fact, a Consumer Financial Protection Bureau (CFPB) survey found that nearly half of homebuyers don’t shop around for a mortgage lender at all—they just go with the first one that comes their way.

Question: Would you marry the first person that came your way based on a single date? Or would you date around a bit to be sure they’re the right one?

You’d date around, of course. Which is what we suggest you do when you’re looking for a mortgage lender—date!

With all that in mind, here are five essential questions you should ask when you interview prospective mortgage lenders—way before touring your dream home. By asking these important questions, you’ll find that you can zero-in on the one that’s right for you. keep reading

QM-driven market demands new partnerships – Free lender eBook download

lender ebook imageAfter years of heavy refinance activity, today’s market has moved sharply to purchases, leaving lenders fighting harder for business. Mortgage lenders must now look at new strategies and tactics to grow their purchase business.

At the same time, Housing Finance Agencies (HFAs) are stepping in to serve an important role in our new QM-driven market. HFAs are exempt from new mortgage regulations and also offer down payment assistance programs.

eBook for Mortgage Lenders

Take a minute to download our eBook to learn how mortgage lenders can differentiate themselves and partner with HFAs, Realtors and home builders to educate buyers about new options and close more loans. keep reading