Buying a Home During The COVID-19 Pandemic? Don't Forget About The Closing Costs!

One thing that has come out of this COVID-19 pandemic is that mortgage rates are low, extremely low. Many of you may be considering buying your dream home due to this, therefore looking for a mortgage at the Lake of the Ozarks. With everything going on, do not forget about the basics of buying a home. The mortgage rates have gone down but that doesn't mean the closing costs have necessarily changed. Keep reading this week's blog for IMPORTANT information regarding closing costs. Need a mortgage lender at the Lake of the Ozarks, you can trust? Call MHQ - Mortgage Headquarters today at (573) 302-9990.


Buying a Home During The COVID-19 Pandemic? Don't Forget About The Closing Costs!


"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.

As indicated below, many of the closing costs result from getting your mortgage. Since Mortgage Headquarters of Missouri, Inc is highly experienced with closings and mortgages, we often explain the details of closing costs.

What are Good Faith Estimates (GFEs)?

If you have been searching for the right mortgage for very long, you have probably heard something about Good Faith Estimates. Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We answer buyers' questions about closing costs every day at Mortgage Headquarters of Missouri, Inc, so please be sure to ask if we can help answer your questions.

Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.

What Are The Standard Closing Costs?

Homeowners Insurance
Private Mortgage Insurance (PMI)
Title Insurance
Flood or Earthquake Insurance if applicable

Loan-Related Costs
Various Taxes
Loan-related costs
Points — A fee paid to lower your interest rate (optional)
Appraisal Costs
Credit Report
Up-front Interest Payment
Escrow Account

Property Taxes
Transfer Taxes and Recording Fees
Insurance


Have Any Questions About Closing Costs?


MHQ - Mortgage Headquarters is here for you! Simply give us a call and one of our friendly staff members would be happy to help you. This COVID-19 pandemic is a unique time in history. No one knows when it will officially end yet, but it's important to keep in mind that we all can get through this together. Be sure to follow us on our social media channels listed below to stay up to date on our latest announcements. You can also check out our website at www.MHQMortgage.com for the some helpful information regarding mortgages in Missouri.



Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065

Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917

NMLS # 1229111

www.MHQMortgage.com



Follow Us On:   Facebook   |   Twitter   |   LinkedIn
Location: Osage Beach, MO 65065, USA

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