We pay all closing costs (origination fee, appraisal, attorney, title insurance, credit report, bank fees, flood certification, recording fees, etc.) on your behalf.

However, there may be some out of pocket funds required at closing depending upon a couple of factors. If you have an escrow account for taxes and insurance, it does not roll over to your new mortgage. This means we must collect for the new escrow account whatever amount should be in that account at this time of year. You will receive a refund from your current lender, any funds they are holding in escrow for you - usually about 30 days after we close.

There is also one month of interest collected at closing but you don't make a mortgage payment on the first of the next month. Therefore, the funds collected should be offset by the escrow refund and saved mortgage payment. The funds required at closing can usually be added to your loan balance if you choose.

 

Credit is so much more than a plastic card. It’s your financial trustworthiness. Having good credit means it will be easier for you to get loans and low interest rates. Low interest rates usually translate into smaller monthly payments. That’s important when you borrow money for a car or a place to live. Sometimes, people even check your credit when you apply for a job.

So good credit is a big deal, and having bad credit can be a real problem. That’s why the Federal Trade Commission (FTC) created this Web site.