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Home / Real Estate Information / Home Buyer Tips / Details On Lender Closing Charges In Massachusetts

02.21.12 Home Buyer Tips, Mortgage Information, Real Estate Information

Details On Lender Closing Charges In Massachusetts

When you obtain a mortgage for a home purchase, you will be faced with a range of expenses associated with the mortgage. These are typically called closing costs, but there are different types of fees that fall into that classification. This blog provides details on lender closing charges in Massachusetts.

Lender Closing Charges

Points

Points are a way for borrowers to secure a lower interest rate. It involves paying up-front interest to ensure lower monthly payments for the term of the mortgage. This option can be useful for buyers who need a lower payment in order to qualify.

Origination Charge

Origination fees vary from lender to lender. It typically covers a lender’s cost to complete the loan for a Massachusetts buyer.

Appraisal Fee

An appraisal is required by a mortgage company but generated by a third party. Appraisals confirm the value of the real estate and its condition. A loan will not obtain final approval until an appraisal is received, reviewed, and approved.

Tax Service Fee

Massachusetts real estate taxes may be included in your recurring mortgage payment. The lender collects the funds from you each month and places it into an escrow account. When the tax is due, the necessary amount is withdrawn from that escrow account. Many mortgage companies will require a up-front fee to set up this tax service.

Flood Certificate

Massachusetts real estate situated within a flood zone will require flood insurance. Lenders order a flood certificate to make that determination. Flood certificates are always charged to the home owner.

Credit Report

Credit reports are another typical lender closing charges. Credit reports are how they evaluate credit standing and applicable mortgage rates. There is a expense associated with pulling credit reports from the 3 major credit bureaus. Mortgage companies will frequently pass on this charge to the borrower.

Additional Lender Closing Charges

The lender closing charges discussed above are merely a few of the actual fees that may be billed by your lender. Here at Emery Federal Credit Union, I can offer my clients true no closing costs loans.  For a complete list of potential fees that you may be responsible for when purchasing Massachusetts real estate, or for assistance with other real estate or mortgage topics, contact Christopher Graves at Emery Federal Credit Union by calling 781-759-1200 x22 or emailing christopher.d.graves@gmail.com.

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Tags: closing charges, loan, Massachusetts, mortgage

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
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Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (117)
  • News (22)
  • Real Estate Information (175)
    • Featured Properties (2)
    • Home Buyer Tips (133)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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