Good Faith Estimates

When you purchase or refinance your home, there are certain costs that will be associated with the closing of the transaction.  When buying a home these fees and who is responsible for them are often negotiated between the buyer and seller and should be documented in the purchase agreement.

There are also closing costs associated with the refinancing of a home.  The table below will give you an idea of the type of costs you should expect to see when buying or refinancing your home.  When shopping for a mortgage it is very important that you understand what these fees are and which ones are controlled by your lender.  Sometimes what may appear to be a "great rate" isn't so good when you take into consideration the fees the lender is charging.

The best way to make sure you get all the details of what the lender is offering you is to request a Good Faith Estimate

A "Good Faith Estimate" is an estimate of what the costs of financing your home are expected to be.  Some of these costs are not controlled by the lender, such as title fees, insurance, escrows, and state taxes.  However, items such as origination fees, "points", broker fees, and other administrative fees are set by the lender and may vary significantly between lenders or brokers. 

At Marimark Mortgage, we will prepare a Good Faith Estimate and discuss each of the charges with you upfront.  While we can't guarantee others fees that will be paid at closing (title, insurance, etc), we can and do guarantee our fees!  You will never be surprised at closing by a change in our fees.