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Today’s Rates

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Mortgage Calculators

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Mortgage Graphs

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Mortgage Glossary

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Mortgage Library

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Mortgage News Feed

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Credit Basics

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Down Payment Options

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Your Mortgage Payment

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Appraisal Basics

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What are Closing Costs?

  • Third party costs and fees that you or the lender pays on your behalf for you to obtain a mortgage, including appraisal fee, credit report fee, title fee and attorney fee.  When home refinancing, review these costs carefully as some lenders may have lower costs.
  • Mortgage taxes will be exactly the same between all lenders so they do not have to be reviewed.
  • Points and lenders fees are essentially what the lender charges to originate your home loan when home refinancing and for a new home loan.  Points and fees should be reviewed carefully.

How to Compare Offers From Multiple Lenders

First, make sure you are comparing current mortgage rates for the same type of mortgage.  Mortgage rates and closing costs can change significantly from one day to another, so if you are comparing offers from multiple lenders it must be done on the same day.  For example, if you are shopping mortgage rates and have a quote for a 30 year fixed at 4.75%, only compare it to another 30 year fixed quote at 4.75%.

Next, compare the total of all points and lender fees for each mortgage.  This information can be found at the bottom of page 1 of the Good Faith Estimate (GFE), labeled “[A] + [B] Total Estimated Settlement Charges.”  That is the price of the mortgage.

If you are refinancing, you will also need to review the cost of title insurance, closing/attorney, and appraisal.  Page 2 of the Good Faith Estimate (GFE) will show a breakdown of those fees.  Some large national companies have negotiated excellent rates for these services on your behalf.

Pre-Qualification vs. Pre-Approval

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Renting vs. Owning

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