FAQs

What are closing costs?

Closing costs are the costs incurred when obtaining your loan. For new purchases, these costs also include ownership transfer of any collateral property from the seller to you. Costs may include and are not limited to: attorney's fees, preparation and title search fees, discount points, appraisal fees, title insurance, and credit report charges. They often paid at closing or just before your loan closes. Closing costs can be thousands of dollars and may vary depending on your lender, the mortgage you chose and the location of the home. You will get a better idea of the closing costs once you apply for a home loan and receive a Loan Estimate (LE). The LE provides details regarding the approximate costs you will owe on or before closing. You may even be able to include your closing costs with your loan amount to limit how much cash you’ll need to close.

How much cash do I need to close?

The amount of cash needed to close is comprised of your down payment and closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. Within three days of receiving your application, you will receive a Loan Estimate which lists the estimated cash needed at closing. Right before closing, you will get a Closing Disclosure (CD), which is an updated list that itemizes the final closing costs and the cash needed at closing.

Why are my mortgage credit scores different than my free credit scores?

Credit scoring models differ depending on who requests the scores and for what purpose. The credit data is analyzed differently depending upon whether the report has been obtained for a credit card, an auto loan, or a mortgage application.

Monument Square Mortgage
a dba of Town Square Mortgage & Investments, LLC

17300 Dallas Parkway Suite 1030 Dallas, TX. 75248

Phone: (469) 352-9590
info@monumentsquaremortgage.com

Copyright© 2022. All Rights Reserved. Equal Housing Lender. Town Square Mortgage & Investments, LLC. DBA Monument Square Mortgage. NMLS 144975. 17300 Dallas Parkway, Ste. 1030, Dallas, TX 75248. 972-292-7600. Licensed by the Texas Department of Savings and Mortgage Lending, SML Mortgage Banker Registration. Expires 12/31/22. Colorado Mortgage Company Registration, regulated by the Division of Real Estate. Expires 12/31/22. Licensed by the Florida Office of Financial Regulation, Mortgage Lender Servicer License # MLD1309. Expires 12/31/22. Licensed by the Oklahoma Department of Consumer Credit, Mortgage Lender License # ML011816 & # ML011996. Expiration Date 12/31/2022. Licensed by the Nevada Division of Mortgage Lending, Mortgage Broker License #4948, Expiration Date 12/31/2022 Supplemental Servicer License #4949 Expiration Date 12/31/2022. California-Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Expiration Date:12/31/2022. New Mexico Mortgage Loan Company License Expiration Date:12/31/2022. Licensed by the Office of Lieutenant Governor's Office Division of Banking and Insurance, Phone: (340) 774-7166 Expiration Date 12/31/2022. www.tsmlending.com. nmlsconsumeraccess.org.

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