Important Things to Know About Buying a Home

 Get a Loan Estimate- this lists all fees paid before closing

  • All closing costs
  • Any escrow costs

Understand Closing Costs and Escrows

General Closing Costs

  • Appraisal fees
  • Credit report fees
  • Title search/title insurance fees
  • Loan Origination fees
  • Recording fees
  • Survey fees
  • Loan discount points (if applicable)
  • Investor fees
  • Closing/attorney/escrow fees

General Escrow Costs

  • Home owners insurance
  • Property taxes
  • Interest due
  • Mortgage insurance premiums

Provide Accurate Information- giving accurate information to your lender can offer you the best mortgage with the best terms for you and your family. Here are some tips to help you provide the most accurate information:

  • Read and understand everything before you sign
  • Refuse to sign blank documents
  • Do not buy property for someone else
  • Do not overstate your income
  • Do not overstate how long you have been employed
  • Do not overstate your assets
  • Accurately report your debts
  • Seek to understand all risks associated with your loan product
  • Do not change your income tax returns for any reason
  • Tell the whole truth about gifts
  • Do not list fake co-borrowers on your loan application
  • Be truthful about your intention to occupy the house
  • Do not provide false supporting documents

Have questions? Contact us today!

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