closing costs

Real Estate Insight

Fannie Mae Allows Lenders to Gift Closing Costs

Fannie Mae announced this week that it will now allow lenders to contribute to borrowers’ closing costs, as long as the money is a gift and is not used towards a borrower’s down payment.

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How Much Should Closing Costs Be on a Mortgage Loan?

Q: How much should closing costs be on a mortgage loan? Henry, North Bergen, NJ A: The closing costs associated with a mortgage are usually different for each customer based on the type of mortgage they get, the property location and the amount of the loan. Mortgage loan closing costs may include appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees – to name a few. During the process of getting a mortgage, you are supposed to receive a good faith estimate which itemizes your closing costs in advance of your closing date, so it’s important that you review your good faith estimate to make sure you aren’t being overcharged. Thanks for your question, Henry, good luck. […]

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