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When Getting A Mortgage Rate Quote What Closing Costs Should I Factor In?

By Ann White

Closing costs can quickly empty your pockets and increase your loan amount exponentially. If when getting a mortgage rate quote what closing costs should I factor in seems confusing it’s important you know how the two types of closing costs affect your loan. Non-recurring closing costs and recurring cost are the culprits. Non-recurring are fees and costs that are a one-time thing like loan points, title insurance, escrow or attorney fees, credit fees, etc. Recurring fees will include what you pay every month like PITI, principal, interest, taxes and insurance.

Do all mortgage loans have ridiculous closing costs?

Yes! You want the mortgage loan, you pay the price. It’s a fact of life whether it’s an FHA, VA, or a conventional loan. So if your question is when getting a mortgage rate quote what closing costs should I factor in, it will depend on your lender. With FHA your quote will include lender origination fees/points, appraisal fee, recording fee, mortgage insurance premium fee, property inspection fee, title policy, escrow or attorney fees, documentation fee, credit report costs, and a transfer fee. Yikes!

When getting a mortgage rate quote what closing costs should I factor in?

You better use your calculator to figure it all out. If it’s a VA loan your closing costs will be as monolithic as FHA. Both have the propensity to dig deep into your money pockets. Conventional loan costs are not government loans so the hit on your bank account won’t be as bad.

Anyway around all these costs?

Have the seller pay closing costs on your behalf or ask the lender to raise the interest rate and absorb all closing costs.

Related posts:

1. Do I Need To Count Closing Costs When Getting A Mortgage Rate Quote?
2. What Closing Costs Are Relative When Getting A Mortgage Rate Quote?
3. How Do I Calculate Closing Costs On A Fixed Rate Mortgage?
4. What Are The Closing Costs Based On For My Mortgage Loan?
5. Are There Closing Costs For A Second Mortgage?