10 Key Factors To Know Before Applying For Mortgage

factors to know before applying for mortgage. First-time Homebuyers consulting a real estate broker.

(10) Closing Costs

It is one-time mortgage transaction cost that is associated with the purchase of house. Generally, closing cost of a mortgage represents about 2-5 % of the purchase price of house.

It includes wide range of administration expenses such as loan application fees, fees to obtain credit report, home appraisal fees, and title insurance fees.

Legally, your lender should give you a good written estimate of closing costs of a mortgage.

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1 Comment on 10 Key Factors To Know Before Applying For Mortgage

  1. Zequek Estrada // August 26, 2016 at 11:58 PM // Reply

    I greatly appreciate that specific number ranges were used for what is considered creditworthy when getting a loan. It’s kind of common knowledge that high credit is good. I had just wondered the specifics of what exactly that meant.

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