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Conventional mortgages are the ‘traditional’ mortgage most people think of when they talk about home loans. It doesn’t have government backing like FHA and VA loans have and is the reason they generally have stricter guidelines.
Watch VideoA big part of buying or refinancing a home is the closing costs. Many individuals come together to make the loan possible including the lender, closing agent, title company, attorney, and appraiser. Each company charges fees for its services, which create your closing costs.
On average, borrowers pay 3% - 5% of the loan amount to close a loan, but this varies by individual and lender.
Below I’ve summarized the most common closing costs conventional loan borrowers pay.
Many costs you pay are for the property itself. These services ensure the property is a good risk for the lender:
Other closing costs you pay are for the financing itself. These costs help the lender determine your eligibility and ensure that you’re a good candidate for conventional financing:
Depending on how much you borrow and the loan requirements, you may also pay:
I know looking at the closing costs can seem overwhelming. My long history in the mortgage industry makes it easy for me to help borrowers just like you make sense of the closing costs and even negotiate the fees to keep them as low as possible.
Your closing costs aren’t your down payment, which many people confuse. I’ll help you see the difference, understand how much you need, and help you determine your options to close on your conventional loan.
Call me toll free at (833-426-8256)