Mortgage costs for a purchase home loan typically include your down payment, closing costs, and prepaid escrow amounts for property taxes and insurance. Throughout the process, we keep you informed and explain your specific costs to help ensure there are no last-minute surprises.
When submitting a mortgage application for a specific property, you’ll receive a loan estimate within three days to give you a better idea of how much you need to pay in closing costs.
If you’re wondering about upfront fees, these could include appraisal and extended rate lock fees although they’re not required with all loan programs. Let’s talk about what would be needed in your case.
In general, closing costs are 2 to 5% of your home purchase price, paid by you, the home seller, or the lender. You may be able to use monetary gifts from family for all or part of your closing costs.
I can answer any questions you may have about your specific situation.