What Are Closing Costs?Ĭlosing costs are the total fees that are paid for the services required when you purchase a new home or refinance your existing home. Closing costs range from 2% to 5% of the loan amount, however, they can vary significantly as there are several expenses that you can shop around for and get a better deal, along with the fixed costs which do not change. Closing costs will include all the expenses such as lender fees & third-party fees which will help you estimate the total funds that will be required at closing. Our closing costs calculator determines your total closing costs when you purchase a home. Some closing costs are fixed, but many of them are variable, which provides an opportunity for the buyer to shop around and get the best price.The buyer usually pays closing costs that are related to property inspection, loan origination, mortgage insurance, and other fees.A buyer usually pays 3% to 6% of the home sale price in closing costs while the seller usually pays up to 12% of the home sale price in closing costs.Closing costs are the fees paid by a buyer and a seller at the time of closing on a real estate transaction.Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 80. PMI applies to conventional loan programs over 80.0% LTV VA,FHA & RD require insuring fees included in loan and/or payment fixed rate, 30 year term.Īn MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Owner occupancy, escrow account is established for taxes and insurance(s) debt-to-income ratio no higher than 43.0% Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher Information is generally based on primary residence occupancy with no cash out when refinancing.Terms and conditions apply, which may include restrictions or limits per loan program.Some loan programs may not be available to first time home buyers.Not all programs are available in all states. ![]() Payments will vary based on program selection, current rates, property location, etc. which will affect the available rate and term. Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. Rates are subject to change at any time.For estimates and general information before that step, the basis for which the mortgage financing information are as follows: MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page.Īdditional details concerning privacy, program disclosures, licensing specifics may be found at Legal Information. The repayment terms and interest rate may vary from time to time. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. ![]() We want to share with you the loan terms vary based on several characteristics and your financial profile. Terms and conditions to apply to home financing. ![]() Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas.
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