This is a document required by lenders that provides final details about your mortgage. It needs to include your loan terms, projected monthly payments, and how much you'll pay in fees and other closing costs. Here's a blog that can tell you more about closing disclosures.
Depending on state laws, you do not need to have a lawyer present, but you may certainly choose to have one present if you desire. You can also choose to have an attorney review your documents to make sure they are in order.
These are fees the buyer may owe to cover costs such as homeowner's insurance, pre-rated interest and property tax. These are collected bye the lender to ensure your taxes and insurance are paid on time.
These are the fees paid at the time of the closing of the home loan and can include, but are not limited to: appraisal fee, title insurance, closing transaction fee, loan origination fee, discount points, recording fee, underwriting fee and processing fee. You can expect closing costs to be approximately between 3% and 5% of the home's purchase price. Here's a blog that can tell you more.
Click here for a calculator that determines your mortgage closing costs for a given set of loan terms. The calculator lumps settlement charges into two categories: origination charges and other settlement services.
To properly get an estimate on what your mortgage payment, you will need to know the purchase price, down payment, the term of the loan and the interest rate. If you have all these variables, this tool can help determine approximately what your monthly mortgage payments will be.
An escrow account is managed by the lender on behalf of the borrower and is set up for setting aside a percentage of the yearly taxes at loan closing, as well as additional money collected monthly with the mortgage payment, which is used to pay tax bills regularly. The account needs to be "front loaded" at closing, usually with two months of estimated property taxes, mortgage insurance payments and home owners insurance payments. Here's a blog that tells more about escrow accounts.
*Minimum loan amount of $175,000 required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for more details on the specific areas and/or zip codes excluded.
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