Actual costs may vary.

Possible Additional Charges

  • Interest Paid at Closing (Calculated from the day of closing to the end of month): Also called "Per Diem" Interest
    • Formula is Loan Amount times Interest Rate divided by 365 days times number of days from closing date to end of month
  • Discount Points ( if applicable - to lower the interest rate): Each "Point" is equal to 1% of the mortgage amount which is used to lower the interest rate.
  • Property Taxes: Based on true taxes as levied for County, Town, Village, City, School
    • If escrowed (Lender pays taxes when due) - plan on 12 months worth of taxes to be divided between the FFFCU Tax Escrow account and what is owed back to the seller.
    • If not escrowed (you pay your own taxes when due) - plan on an amount to payback the Seller for prepaid taxes.
  • Down Payment: The cash portion paid by a buyer from his own funds to purchase a property.
  • Refinance transactions: An Abstract Rebate will be conducted. The estimated minimum fee for the re-date is $145.00. Fees differ by county.
  • Tax Service Fee - Additional charge for loan amounts of $500,000 or higher.
  • Origination Fee if applicable
  • PMI Charge (Private Mortgage Insurance): Required on loans over 80% LTV to protect the Lender in the event of default of the borrower.
  • Your Attorney Fees: As charged by your Attorney for services rendered.
  • Other charges or fees as required by the county in which the property is located. Other expenses as agreed upon between the Buyer and Seller.
  • Additional closing fees charged on construction loans (perm-to-perm or temp-to-perm).
  • Additional fees may be applicable based on credit score, transaction type, and property type.