Closing Costs


There are certain standard costs associated with closing of a purchase or refinance of a home. These fees may be paid in full or in part by the seller on a purchase.

Buyers I work my closing costs a bit differently then most lenders. I charge a flat fee for a loan. The fee depends upon the borrower’s credit score and the type of loan that they are taking. Te best part about this is that there is no guess work about rate and fees. I give my borrowers access to the same rate sheets that I see and allow them to pick a rate that will credit them money from the lender all the way to a rate that will cost them money to get.

In a typical scenario a buyer may be charged a $5000 fee to me, but can receive a credit from the lender from $6000 to $0 to be applied to the total cost to close, depending upon the rate that they choose.

Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs within three days of applying for a loan or at the point I have enough information to disclose a proper Good Faith Estimate. In 2010 a new Good Faith Estimate was put into use by HUD and although a bit difficult to follow, ultimately benefits the borrower because certain costs can not change once the estimate is issued.

 

© 2010 The Renovation Loan Guy.
CT Loan Originator License #70333.

Design by Dave Broggi