What charges are usually involved in Closing Costs?
A. Closing Costs consist of a number of charges. Any points, broker fee’s and application/processing fee’s will be inluded in closing cost. Also included with be fee’s due to the title company that ran the tile search on the property. Mortgage Tax and recording fee’s are some more charges to expect to be incorperated in closing cost. Closing cost can range any where from 4 to 7 percent of the loan amount depending on the companies involved and their fees are. Make sure to ask your broker/lender for a Good Faith Estimate, which will show you exactly what you are being charged. Q. How will i know if a mortgage company/lender is reputable? A. The best thing to do if you are unsure of the credentials of the comany you are working with is to conact the Banking Department, or the Better Business Bureau . Both can alert you to complaints against companies in your area, as well as give you a general understanding of the company. Q. What is the difference between a Broker and a Lender? A. Mortg
