Everything you need to know about home loans in one place. Use our "frequently asked questions" section to learn everything about mortgages, refinancing, home equity lines of credit and more.
Negative mortgage points, also known as rebates or yield spread premiums are portions of your mortgage fees that are paid by the lender, who in turn sets a higher interest rate on the loan. This is sometimes called a no cost mortgage. One negative point is equal to one percent of the overall home loan.
Read MoreClosing on your home can be a lot more expensive than you might think, so it’s a good idea to see if there’s any part of your closings costs that you can deduct from your taxes. While some costs are tax deductible, others aren’t, so it pays to stay informed.
Read MoreMortgage Points, sometimes referred to as “discount points”, are fees paid to the lender directly at closing in order to reduce the interest rate and the monthly payment. The act is also known as “buying down the rate”.
Read MoreFirst and foremost, it is imperative to remember that you ultimately choose your mortgage lender, which means, there are choices – and the lender has the primary impact on the charges tacked on to your closing costs. This fact is advantageous to the buyer and should be used as a tool to compare estimated closing costs that lenders detail in the Loan Estimate.
Read MoreClosing costs are the fees charged for services provided by your lender to assist in closing on a property. The fees are typically required to be paid upfront at closing; however, depending on your specific loan to value ratio, and the equity in your home or loan type, you may be able to roll the closing costs into the mortgage loan.
Read MoreClosing costs are the charges paid to purchase and settle on a property and are unrelated to reducing the principal loan amount. Usually, the amount paid for closing is between two and five percent of the price of the home, and typically the fees are listed on an estimate provided by the lender in response to your submitted application for the home loan.
Read MoreThe closing costs for a reverse mortgage are dependent on the type of reverse mortgage loan chosen, the lender chosen and the money taken out upfront. Here, find a list and brief explanation of typical fees at closing.
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