"When I close on my home, how do I know if all of the fees that I’m being charged are correct? And do all lenders have the same types of fees and are they similar in terms of cost?"
For any type of real estate transaction—whether it’s a new home purchase or a refinance—estimated closing fees will be listed on the Good Faith Estimate (GFE) form that lenders are required to provide all loan applicants. What’s important to note here is that you’ll receive the GFE when you apply for a loan, not when you agree to the loan. This is when you should ask questions and compare the closing costs between the different lenders/options that you’re considering. Many lenders will also prepare their own in-house form for you that details all of the estimated charges and fees.
Federal law also requires that you will be given a HUD-1 form at least one day before you go to settlement. The HUD-1 form (also known as the settlement statement) lists all of the actual charges imposed on the borrower and should match up fairly closely with the GFE. As for lenders having the same fees/costs, although the items that you’re charged for will be somewhat similar, the amounts charged are likely to be different from lender to lender. The costs can also vary depending on the type of loan you’re getting and what state/area you’re in.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671