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Marc Goldstein, Broker/Owner
National Realty
Office:  410-653-7653(SOLD)
Cell: 410-598-9900
Email: baltimorerealtor@aol.com

Thank you for visiting today. If this is your first visit, please take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all of your real estate needs!

Closing costs associated with your loan

Loan-Related Closing Costs

Loan Origination Fee
This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.

Points (optional)
An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 loan, 1 point would equal $1,500.

Appraisal Fee
The fee for having the house appraised may be incorporated into the closing costs or payment may be required by the lender at the time the loan application is submitted.

Credit Report
The lender uses a credit report to determine the creditworthiness of the loan applicant. This fee is often paid when the loan application is submitted.

Interest Payment
Typically the buyer is required to pay interest on the mortgage loan to cover the time between the closing date and when the first mortgage payment period begins. For example: If closing is on May 15. Your first monthly payment begins to accrue interest on June 1 with your first mortgage payment due July 1. At closing an interest payment covering the accrual period between May 15 and May 31 may be required.

Escrow Account
At closing a payment may be required to fund the escrow account if the lender is paying home insurance, property taxes and/or other expenses out of the escrow account.

National Realty • 1777 Reisterstown Rd, Suite 206 West • Baltimore, MD 21208
Phone: 410-653-SOLD(7653) • Cell: 410-598-9900 • Fax: 410-653-3830
Toll-free: 1-800-770-6404

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Portions Copyright © 2011 a la mode, inc.
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All rate, payment, and area information are estimates and approximations only.

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