Interest Paid at Closing (Calculated from the day of closing to the end of month): Also called "Per Diem" Interest
Formula is Loan Amount times Interest Rate divided by 365 days times number of days from closing date to end of month
Discount Points ( if applicable - to lower the interest rate): Each "Point" is equal to 1% of the mortgage amount which is used to lower the interest rate.
Property Taxes: Based on true taxes as levied for County, Town, Village, City, School
If escrowed (Lender pays taxes when due) - plan on 12 months worth of taxes to be divided between the FFFCU Tax Escrow account and what is owed back to the seller.
If not escrowed (you pay your own taxes when due) - plan on an amount to payback the Seller for prepaid taxes.
Down Payment: The cash portion paid by a buyer from his own funds to purchase a property.
Refinance transactions: An Abstract Rebate will be conducted. The estimated minimum fee for the re-date is $145.00. Fees differ by county.
Tax Service Fee - Additional charge for loan amounts of $500,000 or higher.
PMI Charge (Private Mortgage Insurance): Required on loans over 80% LTV to protect the Lender in the event of default of the borrower.
Your Attorney Fees: As charged by your Attorney for services rendered.
Other charges or fees as required by the county in which the property is located. Other expenses as agreed upon between the Buyer and Seller.
Additional closing fees charged on construction loans (perm-to-perm or temp-to-perm).
Additional fees may be applicable based on credit score, transaction type, and property type.
