Mortgage Closing Costs
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There are certain closing costs related to buying a home in Arizona. Home Buyers and Sellers typically share these costs, based on a pre-negotiated purchase contract and escrow instructions.
Most of the mortgage fees associated with buying or refinancing an Arizona home are required by the Secondary Mortgage Market, and are used to mitigate default risk.
Due diligence is the process of reviewing a borrower's; income, assets, credit and property value, to determine and to mitigate a bank's risk.
At Arizona Central Mortgage, we use our years of mortgage experience to simplify the complexities of the mortgage approval process. Additionally, we provide discounted mortgage fees that are part and parcel of buying or refinancing AZ real estate. Whether providing one of our discount mortgage programs, or leveraging one of our long term vendors relationships, at Arizona Central Mortgage we always focus on saving you money!
The Good Faith Estimates (GFE) Has Changed to the Loan Estimates (LE)
Mortgage borrowers used to receive a Good Faith Estimate, (GFE) that is now called a Loan Estimate, (LE). The lender will provide the borrower with an LE within 3 business days of loan application. The (LE) provides a detailed, disclosure of all closing costs associated with buying or refinancing an AZ home.
Though the costs can change "slightly," during loan processing, the CFPB now regulates the mortgage industry to ensure no major rate or fee changes occur! Moreover mortgage borrowers receive a final closing cost estimate, (CD) three business days before closing escrow. This closing disclosure was previously called a HUD1 Closing Statement, but changed on October 3rd, 2015 per CFPB. Both the (LE) and (CD) resulted from the (TRID) laws, aka the TILA - RESPA Integrated Disclosures laws enacted by the CFPB, Consumer Finance Protection Bureau, on October 3rd, 2016. These new disclosures resulted from the mortgage industry meltdown of 2008, and are referred to as the: "Know Before You Owe," disclosures.
At Arizona Central Mortgage, we are pleased to continually provide low mortgage rates and fees, along with mortgage status reports throughout the mortgage approval process. We spend an inordinate amount of time on training and preparation, to ensure all mortgage forms, facts and figures are accurate and easy to understand.
And at Arizona Central Mortgage, our rates and fees are lower than Wells Fargo Bank, Bank of America, Citibank, Chase Mortgage, Quicken Loans, Rocket Mortgage and Arizona Central Credit Unions. Arizona Central Mortgage always provides low mortgage rates, discounted mortgage fees and state of the art technology that are combined with extraordinary customer service!
Below is a list of our typical closing costs. At Arizona Central Mortgage, we do not believe in any surprises! Also, some or all of the closing costs can usually be paid by the Lender, Property Seller, or Real Estate Agent.
Typical Mortgage Closing Costs
* Appraisals: $470 Conventional, $520 FHA, $650 Jumbo Loans
* Credit Report: $39
* Bank Underwriting Fee: $0 - $899
* Tax Service and Flood Cert Fees: $49
* Title Company Charges: $699 - $924
* Processing Fees: $0
* Application Fee: $0
* Property Tax Escrows: Based on Specific Property
* Homeowners Insurance Escrows: Based on Your Insurance Provider
* Prorated Interest: Based on Actual Closing Date
** We usually can pay for some or all of your closing costs, whether you're purchasing, refinancing, or taking a cash out of an AZ Home. Call Local AZ Mortgage Expert Steve Bernstein for details: (480) 424-7144, or view our current AZ Mortgage Rates: Today's Arizona Mortgage Rates.
Call Arizona Central Mortgage at (480) 424-7144 to discuss your specific transaction. We have over 20 year's of experience providing Arizona homeowners with the lowest rates and fees available!
Mortgage Closing Costs
- Discount Points are optional
- Appraisal Fees
- Credit Report Fees
- Prorated Interest
- Escrow Fees
- Property Taxes
- Homeowner's Insurance
- Title Fees
- Recording Fees
Homeowners Insurance May Include
- Fire, Flood and/or Renters Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance