Closing costs can vary based on sales price, location, etc., but they are generally three to five percent of the loan amount. These include origination fees charged by the lender, plus third-party fees for the appraisal, survey, title insurance, and settlement company services. Also, there are government fees, taxes, and other miscellaneous costs to be aware of. Once your mortgage loan application is processed, one of our mortgage experts will provide you with a Loan Estimate, which will include a detailed estimation of fees and costs. Note: PEFCU charges a $995 origination fee on the first mortgage loan and a $250 origination fee on the second mortgage loan.
Please keep in mind that the FTHB program loans don’t cover closing costs. Both buyers and sellers can pay closing costs. However, the buyer usually pays most of them. The buyer is responsible for paying them out of pocket, and some of the fees must be paid up front before closing. However, you can always negotiate with the seller for assistance with paying some of these closing costs. You can negotiate with a seller to help cover closing costs, which are called seller concessions. Seller concessions can be extremely helpful if you think you’ll have trouble coming up with the money you need to close.