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

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