What are these and why do I need them? Points are one type of fee paid at closing by you to your mortgage lender. There are two types of points: origination and discount points. Origination points are charged to recover some costs of the loan origination process. Depending on the lender, the origination point(s) may [...]
When you're a first-time homebuyer, the entire concept of closing costs may be elusive and intimidating. You know they're coming, but you have no idea what to expect. Luckily, a little knowledge can go a long way. Fees for loan application services and costs associated with your monthly mortgage—usually referred to as closing costs—can be [...]
Closing costs can be confusing. Not only do they cost you an additional few thousand dollars come closing day; they also cover fees and expenses you’ve likely never heard of, making them even more perplexing for a first-time buyer.