|
| |
Understanding Loan Costs |
| |
Your loan transaction will involve a variety of different fees and charges. Some of these are
charged by the lender, some are charged by Eastchester Mortgage, and some are charged by third parties such
as attorneys, title companies, insurers, appraisers, pest inspection services, etc. Your Good
Faith Estimate is an estimate of these fees and charges. Your loan originator will review a
Good Faith Estimate with you as well as other documentation which is required by law prior to closing.
At closing, you will receive a final statement showing the actual fees and charges for your transaction.
The amount of any
particular fee or charge can vary depending on many factors, such as the lender's or your broker's
out-of-pocket costs and internal administrative expenses, competitive factors, industry standards
and practices, and third party charges. The costs of your transaction may vary depending
on the loan program you select with your broker, and any changes you decide upon during the loan
process. It is very important that each client fully understands all of the costs associated with their
mortgage loan.
Do not hesitate to ask your loan originator if you have any questions about specific fees or charges.
|
| |
|
|
