Closing Costs will vary depending on the size of your loan, the purchase price or property value and the property’s location. Many lenders are not very clear as to what your closing costs will be. Although we can’t provide exact numbers we can get pretty close.
Residential Home Funding Corp. is responsible for charges for application fee, tax service fee, flood certification fee and a commitment fee. The other charges are billed by third parties. If your transaction is a refinance we will arrange for the title and closing agent. We will also arrange for the appraisal.
On a Refinance Transaction there will be a full month of prepaid interest collected at the close of escrow. This means that you will not have to make a mortgage payment the following month. Mortgage Payments are paid in arrears, which means when you pay your mortgage payment on the first of the month you are actually paying for the “previous” month interest charges. Our goal is to provide you full disclosure of your costs before you spend any money.