The Marquee Loop: Mortgage Myths, Down Payment
The Marquee Loop: Mortgage Myths: Separating the fact from fiction
The Myth: Your Down Payment covers your closing costs.
The Fact: WRONG. A borrower’s biggest investment is in the down payment of their house, but borrowers would need to also pay for closing costs.
Closing costs are fees that the borrower pays for finalizing their loan. Closing Costs often range from 2%-3% of the purchase price of the home.
Some typical closing costs are:
- Escrow fees
- Title insurance
- Pre-paid interest
- Underwriting fee
- Credit Report
Closing costs can minimized by using certain credits. Contact one of our Loan Officers for further details and be sure to follow our Blog weekly to gain more insights on Mortgage Myths.
*Marquee Mortgage LLC, is an independent, full service broker specializing in purchase money loans, refinances and creative lending solutions.