WHAT WILL BE THE TOTAL CLOSING COST FEES CHARGED?
Lenders charge fees for the services incurred to process and close your mortgage. By law, closing costs must be disclosed with in 3 days of the loan application; however, there are different approaches to calculating them. Some brokers will initially disclose closing cost figures which are very appealing, only to provide much higher costs as your closing date approaches. 4) IS THERE A “LOCK-IN” POLICY? Is there an additional charge to lock- in an interest rate and discount points? Many lenders offer a lock-in policy that guarantees you a certain interest rate and points for a specified number of days. The alternative to this is accepting the prevailing rate and points on closing day. Since rates can change daily, the one time lock-in fee may be able to save you thousands. 5) HOW LONG DOES IT TAKE TO PROCESS MY MORTGAGE? Processing is the means by which your loan is prepared for underwriting, or approval. The time it takes to process a loan varies by the type of loan and even among lend
