 |
 |
 |
 |
 |
 |
There are several types of fees and charges that you need to be familiar with when applying for a
mortgage. Application fees cover the costs of processing the application, documentation, and
verification. Broker fees can be charged directly to the borrower or financed in the loan and
include compensation provided from the lender to the broker. A monthly service may also be
charged to process the monthly payment. Closing costs such as attorney's fees, title search,
appraisal fees, filing of the mortgage deed, points, and annual fees will be disclosed to you by the
lender before closing the loan.
mortgage. Application fees cover the costs of processing the application, documentation, and
verification. Broker fees can be charged directly to the borrower or financed in the loan and
include compensation provided from the lender to the broker. A monthly service may also be
charged to process the monthly payment. Closing costs such as attorney's fees, title search,
appraisal fees, filing of the mortgage deed, points, and annual fees will be disclosed to you by the
lender before closing the loan.
| Mortgage Fees |
Mortgage loans are secured by your home. The loan amount is based
on a home's value ---the amount of the loan will be determine by
the value of your home minus any liens or unpaid mortgages(s).
Mortgages can have a fixed or adjustable interest rate. Fixed
interest rates allow you to make equal monthly payments of principal
and interest until the debt is paid in full . Adjustable rates change
over the life of the loan resulting in possible changes in the monthly
payments, loan term, and/or principal.
on a home's value ---the amount of the loan will be determine by
the value of your home minus any liens or unpaid mortgages(s).
Mortgages can have a fixed or adjustable interest rate. Fixed
interest rates allow you to make equal monthly payments of principal
and interest until the debt is paid in full . Adjustable rates change
over the life of the loan resulting in possible changes in the monthly
payments, loan term, and/or principal.
| General Mortgage Information |
| Mortgage Application Process |
Before applying for a mortgage loan, make sure that you have sufficient money for your expenses
and borrow only when you can afford it. Remember to always ask questions! Don't just rate shop
ask about the rate, points, origination fees, and closing costs. Ask about the process and the time
line to approval. Make an appointment for a "free" mortgage counseling meeting. There are
several steps you should expect to go through when applying for a mortgage: application or
pre-qualification; full pre-approval; disclosure and gathering of verification of income, deposits, and
down payment; appraisal; final approval and validating information supplied by the borrower; and
closing.
and borrow only when you can afford it. Remember to always ask questions! Don't just rate shop
ask about the rate, points, origination fees, and closing costs. Ask about the process and the time
line to approval. Make an appointment for a "free" mortgage counseling meeting. There are
several steps you should expect to go through when applying for a mortgage: application or
pre-qualification; full pre-approval; disclosure and gathering of verification of income, deposits, and
down payment; appraisal; final approval and validating information supplied by the borrower; and
closing.
welcome to:
| Springfield Properties Inc. |
| Mortgage Info |
1965 Wakefield Street
Petersburg VA 23805
(804) 518-2677
(804)-518-2627
Petersburg VA 23805
(804) 518-2677
(804)-518-2627