Closing Costs Guide

A Quick Look at Charges and Fees. Money for a down payment is not the only cash involved in getting a home loan. You need to also consider Closing Costs.

What are closing costs?

Closing costs are charges, fees and pre-paid items for processing your loan and mortgage. Closing costs can even include an optional expense you pay to reduce your interest rate.

Closing costs are collected by the lender but are paid to various organizations from the lender to the government to the mortgage broker, if you use a mortgage broker instead of a direct lender like Full Spectrum Lending. These expenses vary from state to state but often add up to between 3 and 6 percent of the amount of money borrowed.

• Fees Paid When You Apply for a Loan
  (Paid when you submit your application)

• Fees for Closing and Services
  (Paid on the day your purchase or refinance is final)

• Pre-Paid Amounts Required by Lenders
  (Paid on the day your purchase or refinance is final)

• Closing Costs Checklist

Ready To Get A Loan?
Click here to review loan options and rates