|
At NorthStar Mortgage Corp. we recognize that although there are a tremendous number of 'First-Time-Buyer' loan programs available, often times they do not meet a need that many first time home-buyers have. The majority of these loan programs have reduced restrictions on underwriting guidelines such as amount of downpayment required, acceptable source of downpayment funds, relaxed credit score requirements etc. At the same time, many (not all though!) of these loan programs require that the borrwers have a household income that is below a certain level, and/or they have moderately higher interest rates.
We decided that the best way to help first time buyers save money was to offer reduced closing costs. Most of our loan programs will allow for this, so even if there isn't a First Time Buyer loan program that offers you the savings you're looking for, we can still help you save money!
|
Single family
|
$1299 |
plus lender's title insurance |
| Condo |
$1199 |
plus lender's title insurance |
| Multi Family |
$1499 |
plus lender's title insurance |
Lender's Title Insurance is $2.50 per $1000 borrowed, and is required when you have a mortgage on a property. It is a one-time closing cost, so you do not have to worry about renewing it on a regular basis.
What is Title Insurance?
Visit the First American Title Insurance website for the best information!
http://www.firstam.com/fatic/html/cust/1200.html
| Example:
|
For a $100,000 loan the title insurance would be $250 plus $1299 for a single family home, totaling $1549. (this is ~ $800 less than typical closing costs)
The above fees include all closing costs except points, if you are paying them, and escrows for taxes and insurance. It's the best deal around!
|
Application and rate lock deposits are always credited back to you at the time of closing towards your closing costs.
No Points, No Closing costs options available.
First Time Buyer reduced closing costs is not available for Government (FHA/VA/MHFA/RHS) loans.
Call today for a free written Good Faith Estimate of Closing Costs!
|
|
