How Much are closing cost ?

1800LoansNow · Joined: 28 Jan 2005 Posts: 7

The actual cost of closing is determined by the lender. This can range from zero to the annual budget of small third world countries.

All lenders must provide to their clients a " Truth in Lending Disclosure" and everyone getting a loan should request one PRIOR TO CLOSING, do not wait until the day of closing for this important information.

Some companies will waive the closing cost, some charge a flat fee like Ditech, but look very close to the disclosure and KNOW all your fee's upfront. A firm who waives the closing fee's like the application fee, doc prep, and other fee's still charge for the pass-thru fee's that they must pay for. Which is fair, as they have to pay for them on your behalf, these may include appraisal fee, credit reports, and overnight mailing cost.

Shop around, and ask for a "No Closing Fee Loan" many companies will do it, but read your truth in lending disclosure and KNOW all fee's upfront before going to any closing.

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

When is the best time to ask for the Truth in Disclosure docs?
Is this something I can get immediately?
Or does it only come after all the other paperwork is done?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Certain disclosures are required to be given to you within 3 business days of your real application. Your Truth in Lending and Good Faith Estimate are the two biggies. You should be able to request these as well before this time frame, and frequently can get them immediately (if you are at a face-to-face interview for example.)