At Home Got Owned Mortgages, we believe in full transparency around your mortgage rates. When it comes to your closing costs, we guarantee no surprises. But what are mortgage closing costs, and how do they affect the final cost of your home loan?
You pay closing costs when you close on your home loan, the day you sign your final purchase agreement. Your closing costs are usually foreshadowed in a loan estimate, given to you a few days after you apply for a loan, and repeated in your closing disclosure, given to you a few days before you close your home loan. The loan estimate and closing disclosure should be nearly identical.
Closing costs are usually anywhere from 2% to 5% of the total purchase price of your home. Some of your costs may be paid from money you put in an escrow account as earnest money and to cover other fees during the home loan approval process.
You’ll usually have some of that money leftover by the time you get to closing. Alternatively, the seller might pick up some of the closing costs, if legally allowed in your state, or you might qualify for an assistance program that will cover some or all of these costs for you.
Costs that will need to be paid during the home buying process or paid at closing include but aren’t limited to:
Remember, as a buyer, you don’t need to cover real estate agent fees.
While most mortgage lenders provide only a cost estimate, Home Got Owned Mortgages provides guaranteed closing costs. We guarantee not only the lender fees but guarantee the costs of third party service providers as well.
Now is a great time for looking into buying a home. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.
At Home Got Owned Mortgages, all of our Loan Officers (LOs) are highly experienced. This means they always put the client first, making sure you get the right loan for your budget.
We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We’re proud to say we close loans quickly and efficiently, often ahead of typical timelines. We offer a wide variety of home loans, including FHA and VA loans, so you can start looking for a home as soon as possible.
For more information on your home mortgage options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho, Colorado and California and have been offering mortgage programs to borrowers since 1992. Our friendly team of experienced mortgage professionals will advise you on which home loan program most effectively meets your needs.
Are you ready to apply for your home loan and lock in a low interest rate? If so, Home Got Owned Mortgages can help you get started. Get in touch with us today!
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Since 1992, Home Got Owned Mortgages has been committed to providing home buyers with great rates and fees coupled with superior service. Contact us today to get started on the pre-approval process, whether you’re buying your first home or your dream home. Our highly experienced loan officers focus on your unique needs, helping you get the right mortgage for your financial situation.
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