A credit score is a number that is calculated based on your credit history to give lenders a simpler "lend/don't lend" answer for people who are applying for credit or loans. This number helps the lender identify the level of risk they may be taking if they lend to someone. While the same end result can come through reviewing the actual credit report (which lenders usually do), the credit score is quicker and less subjective. The system awards points based on information in the credit report, and the resulting score is compared to that of other consumers with similar profiles. With this information, lenders can predict how likely someone is to repay a loan and make payments on time. It's the credit score that makes it possible to get instant credit at places like electronics stores and department stores.
Closing Costs - The fees charged in connection with a mortgage loan transaction...
Loan Origination Fee - This fee covers the lender's administrative costs in processing the mortgage loan...
Loan Discount - Also called "points" or "discount points," a loan discount is a one-time charge imposed by the mortgage lender or mortgage broker to lower your mortgage interest rate...
Appraisal Fee - An appraisal is a written estimate or opinion of a property's value...
Credit Report Fee - The mortgage lender and/ or mortgage broker will obtain a report of your debts and repayment history form an independent agency...
Mortgage Insurance Application Fee - Don't confuse mortgage insurance with hazard (homeowners) insurance...
Mortgage Broker Fee - A mortgage broker is an individual or firm who brings mortgage borrowers and mortgage lenders together...
Prepaid Interest - Mortgage interest accrues daily and is paid in arrears...
Mortgage Insurance Premium - As explained above in the "Mortgage Insurance Application Fee," the lender may require you to carry mortgage insurance on your loan...
Hazard Insurance Premium - Hazard Insurance (commonly known as Homeowners Insurance), protects you and the mortgage lender against loss due to fire, windstorm, and natural hazards...
Flood Insurance - If your property lies in a flood hazard zone as designated by the federal government, the mortgage lender will probably require flood insurance...
Escrow Account Deposits - These deposits are the payment of taxes and/or hazard (homewoners) insurance and other items that must be made at settlement (the loan closing) to set up an escrow account...
Settlement or Closing Fees - This fee is paid to the settlement agent or title company to compensate for conducting the mortgage loan closing...
Abstract of Title Search, Title Examination, Title Insurance Binder - These charges cover the cost of the title company services ordered by the mortgage lender or the mortgage broker...
Title Insurance - Title Insurance is required by most mortgage lenders and is paid by the borrower...
Document Preparation - This is a separate fee that some mortgage lenders or title companies charge to cover their costs for preparation of final legal papers, such as a mortgage, deed of trust, note, or deed...
Notary Fee - This fee is charged by the licensed notary public for his/her services during the loan closing...
Government Recording and Transfer Charges - These fees cover legally recording the new deed and/or mortgage with the county. Transfer taxes and conveyance charges may also be charged on home purchases...
Survey - The lender may require a licensed surveyor to conduct a property survey...
Pest and Other Inspections - This fee covers inspections for termites or other pest infestation...
We know that many people have questions about mortgage loans and what mortgage loan for which they may qualify. We have developed this short inquiry form to help you obtain that information...
Blue Ribbon Mortgage, Our Company
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Meet our Blue Ribbon Mortgage Experts
Ray Hadorn, Commercial Mortgage and Residential Home Loan Consultant
Joey Porter, Commercial Mortgage and Residential Home Loan Consultant
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