Loan Closing Costs Guide

A Quick Look at Home Loan Charges and Fees

Money for a down payment is not the only cash involved in getting a home loan. Be sure the money you set aside is enough to cover closing costs.

What are closing costs?

Closing costs are the expenses for processing your loan. Closing costs can include money you choose to pay up-front in order to reduce your interest rate and monthly mortgage payment.

Closing costs are collected by the lender but paid to various parties involved in the loan, from the lender, to the government, to the title insurance company. These expenses vary from state to state but often add up to between 3 and 6 percent of the amount borrowed.

Fees Paid When You Apply for a Loan

These expenses are due when you submit your application.

Fees for Closing and Services

These expenses are due at closing or settlement, on the day your purchase or refinance is final.

Pre-Paid Amounts Required by Lenders

These expenses are also due at closing or settlement, when your purchase or refinance is final.

If you have any questions about closing costs or the home loan process, feel free to give one of Countrywide’s helpful Home Loan Consultants a call at 1-800-909-8217. Whether you’re refinancing or buying a home, they can answer any questions and are happy to guide you through the process.