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Guide To Single Family Home Mortgage Insurance
Closing Costs and Prepaid Items
When your loan is finalized, you will have to pay closing costs. These fees may include a lender's service charge or origination fee, cost of the title search, fees for preparing, notarizing, and recording the deed and the mortgage, and other items. You will also be asked to make payments in advance for such items as taxes, property insurance, and interest to the end of the month.
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Certain closing costs, such as recording fees and taxes, title examination, and credit reports, may be paid by the seller, or they may be shared between the borrower and the seller, depending on the terms of the sales contract.
The Real Estate Settlement Procedures Act (RESPA) requires that your lender give you an information booklet and a Good Faith Estimate on your closing costs within three days of receiving your written loan application. RESPA also requires that at closing or shortly afterward, you must receive a Uniform Settlement Statement , which is a permanent record of all the final settlement charges. You are entitled to review the Settlement Statement one business day before you close on your loan.
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_________________________ Table of Contents How FHA Mortgage Insurance Works Who Can Get an FHA-Insured Mortgage? Types of Mortgages FHA Insures Shopping for an FHA-Insured Loan Initial Investment (Down payment) Closing Costs and Prepaid Items Payments on an FHA-Insured Mortgage Limits on FHA-Insured Mortgages The Most Frequently Used FHA Mortgage Insurance Programs Other FHA Mortgage Insurance Programs For more information on these and other FHA programs, please contact your local FHA approved lender. Source: General Services Administration
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