How Does the Lender Handle Closing Costs & Fees?
These questions will help you uncover all the costs associated with your loan.
- Will you help me understand the purpose of all my closing expenses?
- What fees and rebates – whether or not I pay them directly – do you expect to earn as a result of placing my mortgage? What is your policy about disclosing all fees and rebates?
- How can you assure me that I can avoid paying “junk fees” and unnecessary add-on loan expenses?
- If I decide not to use your company, what advance fees do you refund? Also, will you return my original loan package? When will I receive it?
- How far in advance of closing will you furnish me with the closing (HUD-1) statement that itemizes the fees, points and other closing costs?
When looking for a lender, make sure you cover each of these additional question categories: