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Closing Process.. During the application process, there are several things that you need to avoid. Here is a list of the most commonly known obstacles that may disqualify you from obtaining a loan. All of these issues should be avoided during the loan approval process. The concept of Closing costs can be confusing and may differ between lenders. At Dynamic International Funding we invite you to look at our rates and closing costs and compare them to other lenders. We believe that if you take the time to do the comparison, you will agree that not only do we offer the best rate, but also the lowest cost. Look carefully! Lenders often subsidize their low rates by charging higher fees. Be on the look out for fees such as Lock-in fee, Reduction fee, Broker fee, Loan Submission fee, Document Preparation Fee and Processing Fee. Lenders might quote zero points, but hide the points by charging ridiculous fees! Don't be fooled! The key to getting the lowest closing costs is to break them down into three separate categories of charges: LENDER FEES These are the closing costs that are paid to the Mortgage company or bank. These fees vary widely from one lender to another and can affect rates dramatically. Lenders often advertise low rates but have higher closing costs associated with lender fees. Be sure to check when shopping. Below are the Fees charged by Dynamic International Funding, Remember we have NO HIDDEN FEES! Call 303-317-3541. Appraisal fee - $290 Appraisals are done by independent appraisers but are ordered by the mortgage company. The actual cost of an appraisal can vary depending on state and county. This fee will be adjusted accordingly at closing. Credit Report -$60 Anytime you apply for a mortgage loan, whether refinancing or purchasing a new home, you are required to have a Residential Mortgage Credit Report (RMCR) prepared on your behalf. There is a considerable amount of work put into this report by the credit bureau to be certain it is correct, which contributes to the cost. SETTLEMENT AGENT/ TITLE COMPANY FEES These fees are not controlled by the Lender. They are actually performed by a separate company that you, the consumer, has the right to choose. Settlement agent and title company fees vary greatly both between each other as well as by city, county, and state. The fees paid to the Settlement/ Title company often include the following items and fluctuate by state and company:
Administration Fee - $350 Due to the increasing cost associated with processing, underwriting and closing residential loans and the competitive rates being offered, it is necessary for us to charge an Administration fee of $350 on loans less than $150,000. This fee also applies to all loans in states other than Missouri & Illinois, regardless of their size. SPECIAL NOTE: Borrowers who desire to maintain their own escrow accounts can do so by paying a $250.00 or .25 point escrow waiver fee at closing. Whichever is greater. Prepaid Items Borrowers are required to prepay the following and put taxes and insurance in escrow. These fees are usually industry standard practices and do not differ widely between lenders.
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Call Us Now At: 303-317-3541 |
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EMAIL: generalmail@difcolorado.com |
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