What are some of the fees associated for closing a loan?
Closing costs are considered title insurance, homeowners insurance, recording fees, transfer tax, mortgage expenses, lender fees, title work fees, appraisals, credit reports, survey of property, points. Closing costs vary depending upon the loan product and the fees that are customary in your area. How do I know if I am getting a good interest rate? Shop around by seeing what is advertised and then talk to a couple of lenders for comparisons. What is the difference between APR and interest rate? The interest rate is the advertised rate the lender provides you. The APR (Annual Percentage Rate) is the yearly percentage of the loan that included the interest rate plus the cost to secure the loan. It is the true amount you are paying for the loan. What organization is prepared or able to assist me with repairing my credit, if needed? Many organizations can provide this service. Check with Mid Central Community Action, Chestnut Credit Counselors, and Family Credit Counselors. What is an esc
