Below are lists of commonly requested information you should expect to provide when you apply for your loan. You may be asked for additional documentation, depending on your situation.
Preapproval borrowers can supply this information after they sign the purchase contract.
Discount points, also called points, let you lower the interest rate on your home loan. When you buy a point, you are purchasing a lower interest rate. One discount point will cost you 1% of the loan amount.
You get a lower rate when you buy points but you also owe more at closing. So you'll want to make sure buying points makes sense for you over the long term.
|1 point purchased||No points purchased|
|Months Required to Break Even||34||n/a|
|Points Paid to Lower Rate||1||0|
|Closing Cost for Points||$2,000||$0|
|P & I Payment||$984||$1,043.29|
|Monthly Payment Reduction||$59.41||$0|
If this homeowner bought 1 point, it would take 3 years to break even. Find out how long it will take after you refinance to break even.
To find out how much discount points can reduce your rate, please call a Loan Specialist:
1-877-654-7163 see hours of operation.
When you close your loan, you will sign your paperwork, pay any required fees and collect the keys to your new home.
The mortgage fees you need to pay at closing will be included in your Good Faith Estimate. These fees, also called settlement or closing costs, include the costs to approve the loan, fees to transfer the property's ownership and state and local taxes.
|Fee||What it's for||Charged by|
|Appraisal Fee||Cost to have an independent appraiser estimate the property's value.||Third party|
|Attorney fees||Fees for preparing deeds, mortgages, settlement and similar documents.||Attorney|
|Closing fee||This fee it typically paid to the title company or attorney for conducting the closing.||Closing agent or attorney|
|Credit report||Fee to obtain your credit report.||Credit reporting agency|
|Discount points||Amount charged to reduce the interest rate on a loan. Typically paid at closing and generally calculated to be equivalent to 1% of the total loan amount.||Lender|
|Document preparation fee||Fee to prepare the documents required to close a loan.||Lender or a Title company|
|Flood certification - life of loan||Cost to have your lender track any changes that may occur to your property's flood zone status over the life of your loan.||Third party|
|Flood determination fee||Cost for a flood determination company to tell your lender whether or not your house is located in a flood zone.||Third party|
|Home and pest inspection fees||Cost of inspections to determine (1) the quality, soundness and safety of the structure and mechanical systems and (2) evidence of wood destroying insects.||Third party|
|Homeowner's and hazard insurance fee||Prepayment for 1st year of home insurance, which is required to cover the property if it is damaged or destroyed.||Third party|
|Lender's title insurance||Fee for insurance to protect the lender against any claims arising from disputes about ownership of, or liens against, the property.||Title company|
|Origination Fee||Administrative fees for preparing, submitting and evaluating a loan application.||Lender|
|Owner's title insurance||Fee for insurance to protect the buyer against any claims arising from disputes about ownership of, or liens against, the property.||Third party|
|Prepaid interest||Interest you pay on your loan from the day you close to the date of your first scheduled mortgage payment.||Lender|
|Private mortgage insurance (PMI)||A monthly fee you may incur if you make less than a 20% down payment on your loan. PMI protects the lender if you default.||Insurance company|
|Processing fee||Cost to process documents such as the loan application.||Lender|
|Property taxes||These include school, municipal and/or other taxes required by the government. Taxes can be paid through the lender with funds the borrower accumulates in an escrow account or the borrower can pay them directly in full on their due date.||Government|
|Recording fees||County clerk's fee to record the deed, mortgage and other documents, if any.||Local Government|
|State tax/stamps||Tax charged by state or local governments for securing a loan for a property.||Government|
|Survey fee||Covers the cost of a property survey to define the property's size and boundaries. The survey also determines whether there are any easements or encroachments that might affect the legal title.||Third party|
|Tax service fee||Fee paid to your loan servicer to set up and service your escrow account.||Loan servicer|
|Transfer taxes||Cost to have an independent appraiser estimate the property's value.||Government|
|Underwriting fee||Fee to have an underwriter, or risk assessor, evaluate your loan application and determine if it is approved. At a minimum, the underwriter reviews your credit report, employment history, financial documents and appraisal.||Lender|
The Good Faith Estimate (GFE) is a document your lender will send you that shows your estimated closing costs. Your GFE will be mailed to you within 3 business days after you apply for a loan, as required by the Real Estate Settlement Procedures Act (RESPA).
Your GFE contains, among other items, important dates related to your loan application, escrow account information, and an itemized list of all the estimated loan and settlement charges (or closing costs).
The GFE also includes a chart to compare GFEs from other lenders so you can shop for the right loan for you.
Your GFE is both an estimate of how much money you'll need to bring to closing and a great mortgage shopping tool. Closing costs can vary by lender, so it's wise to compare GFEs from at least two different lenders. Review your GFE and ask your lender about anything you don't understand.
Remember; your GFE is only an estimate. Your final closing costs may be higher or lower than your GFE, depending on your loan program, terms and the interest rate at which you lock your loan.
So how will you know what you actually have to pay? That's all in your HUD- 1 statement.
The HUD-1 Settlement Statement lists your actual costs and fees due at closing. You will receive your HUD-1 at least one business day before your closing date.
Your HUD-1 lists every fee associated with closing your loan. It also includes a chart you can use to compare certain fees in your Good Faith Estimate with the actual closing costs in your HUD-1.
Your HUD-1 is like a receipt of your mortgage loan transaction. Be sure to check your GFE against your HUD-1 and ask your lender about any discrepancies.
Refinance and your monthly payment could drop, which could mean interest payment savings over the life of the loan. Check today's rates or use the Custom Rate Calculator to see how much you could lower your payments.
Refinance and get cash to pay for college, home improvements, consolidating debt, and much more. Find out what loan programs may be right for your cash out needs.
Get the stability of the same principal and interest monthly payments. If your Adjustable Rate Mortgage is set to adjust or the payments are too high, it might be time to look at a fixed rate. Find out if refinancing makes sense for you.request a loan
Which loan program is right for you? See comparison chart
The most stable and straightforward loan to refinance your home.
Adjust to a lower initial rate.
Use our simple Custom Rate Calculator to get an instant rate quote.
Use our calculators to help you find answers to some common questions about refinancing.
See how the rate adjustment can affect your monthly payment.
Find out how long it will take after you refinance to break even.request a loan
Refinancing a home is a big decision. Let us help you understand how it all works. From applying for your loan to the closing process, we give it to you straight.
Our experienced Loan Specialists are licensed in your state and are ready to walk you through the loan process. Call now: 1-877-654-7163, see hours of operation.
We've helped thousands of homeowners get the home loan assistance they need. We can help you find a program that fits your particular situation and see if you qualify for a refinance, loan modification, or other home loan assistance program. To learn more visit Making Home Affordable.
Refinancing has many benefits, depending on your financial goals. You can refinance to lower your rate, pay off your loan sooner, get cash out of your home to pay for a big purchase (i.e. education or home improvements), or switch from an Adjustable Rate to a Fixed Rate.
Yes, in most cases, you will need an appraisal. If you have specific questions about the appraisal requirement, call a licensed Loan Specialist now: 1-877-654-7163, see hours of operation.
Cash out refinancing is simply borrowing money from the equity in your home based on its value. For example, if your home is valued at $100,000 and your current mortgage balance is $50,000, you could take $20,000 cash out when you refinance, resulting in a new mortgage balance of $70,000.
Take our short quiz to determine the right loan option and get started.
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