CONTRIBUTED CONTENT — Mortgage loans have many moving parts, and tackling it all can feel intimidating, especially when the process is further complicated by unexpected fees like closing costs. But it doesn’t have to be this way.
Austin Horton, vice president of Mortgage Ops for Homie Loans, said that closing costs often catch buyers by surprise.
“If their down payment is roughly $6,000, and now at closing they have to come up with $10,000, they’re not sure where that comes from,” Horton said. “A lot of that has to do with third-party fees.”
Learn more about closing costs from the real estate experts at Homie in the “Ask a Local Expert” video in the media player above.
Homeowners insurance, property taxes and title fees are among the expenses that factor into closing costs.
“All of those can add up, and you’re looking at an additional 1-2% on top of your down payment,” Horton said, adding that at Homie Loans there are things they can do to help buyers.
Even the smallest variations in interest rates can make all the difference when it comes to monthly mortgage payments. With Homie Loans, customers can choose to increase their rate to offset closing costs. Buyers working with a Homie realtor are eligible for a rebate of up to $5,000 that can be applied to these fees.
“Here at Homie Loans, we don’t charge any fees directly,” Horton said. “Everything comes from our lenders and all third parties.”
Created with the sole purpose of saving customers thousands of dollars on their mortgages, Homie Loans uses technology to automate and simplify the lending process. Whether buying for the first time or refinancing, Homie Loans guarantees they’ll beat any competitor’s locked loan estimate or pay clients $500.
Find more information about Homie Loans on their website.
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