So... you got your mortgage! Congratulations! The moment that a closing is scheduled is a very exciting moment for anyone, whether they're a first-time homeowner or a seasoned property investor.
Everything is all set. You've turned in all your necessary documentation, a lender has agreed to finance your mortgage, and you have a closing date. คอนโดมือสอง ราคาถูก No more worries, right?
Well... maybe.
What happens next? In particular, what are your financial obligations at the closing itself? The loan-related costs you'll need to pay vary; they depend on the type of loan you're receiving and on its size.
They may include any or all of the following:
Down payment Out-of-pocket costs (these costs can include appraisal fees, payment for a credit report, home inspection fees, and the loan application fee) Title insurance If the loan requires it, escrow. Proof of homeowners' insurance Loan origination fees
How do you know what will be included in your loan?
The reality is that different lenders will charge different fees, and it's important that you understand at the beginning what will be required of you. The closing costs may even determine your choice of a loan or of a lender.
Some fees may even be negotiated, though you need to remember that a lender who is eager to negotiate is getting something back from the deal-a higher interest rate, for example, or a more substantial downpayment.
This is where your mortgage professional comes in. He or she is your partner in the loan application process and will be on hand to explain to you all the various components of your loan in general - and what will be required of you at closing in particular.
A lot of information comes in after you've been approved for your mortgage, and that information can hurt you. There are some things that are out of your control... but most of it involves things you can do something about.
The first, last, and most constant thing to remember is this: tell the truth. It's a good thing in life and a very good thing in mortgage applications. Don't misrepresent anything-your employment history, your income, your debt, your assets, anything.
The reality is that anything you lie about will be uncovered, and if it's uncovered late in the process-say, between the loan offer and the closing-it is sure to cost you. At worse, it could cost you the entire loan; at best, you'll need to pay more at closing, or accept a less-attractive rate.
Make sure that you inform yourself about all possible fees before you get to the closing. You as borrower handle all the fees associated with getting a mortgage and transferring ownership of property. There are three ways it can be done:
The fees can be rolled into the principal balance of the loan. You can agree to pay higher interest rates and have the lender foot the bill. You can pay these out-of-pocket fees.
Be very clear about which avenue you've chosen to take so that you don't suddenly have to come up with additional money at closing!
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