Are there any limits for closing costs on first lien real estate loans?
No. Many fees are paid to outside vendors like appraisers, and title attorneys. Financial Institutions must provide you with a Good Faith Estimate. This is an estimate of what you will pay in closing costs; it is one of several required disclosure that must be sent no later than three (3) business days after the written loan application is received on certain mortgage loans. When comparing mortgages, you may wish to ask for a Good Faith Estimate before applying for the mortgage.
