What is an appraisal and how long are they good for?
• An appraisal is what the lender uses to determine the value of your home for the loan. This is based on similar properties that have sold in and around your neighborhood within the last year. Appraisals are usually good for 6 months depending on the lender being used. How much are closing costs? • Closing costs are determined by the loan program being used. Some loan programs are more costly than others and are mostly based on credit scores. What is all included in my mortgage payment? • Depending on what type of loan program is done, your payment usually is principle and interest. Most lending institutions will also allow you to include your taxes and insurance (escrow) into your payment. Whether or not a borrower should escrow should be discussed with your loan officer.
