What will my closing costs be?

You will receive a general summation of the fees that will be required of you at closing, called a Good Faith Estimate.

Back to closing questions

How much cash will I need for a down payment and closing costs?

Depending on your credit and the loan amount, you may be able to get a home with 0% down. However, the more you put down, the lower your monthly payment will be. And if you can provide a 20% down payment, you'll avoid the extra monthly cost of Private Mortgage Insurance (PMI). Closing costs generally add 1% to 2% of the total amount to the final bill. You'll be asked to provide the down payment and closing costs in the form of a cashier's check at closing. Your Prospect Financial Services personal loan officer can be quite helpful in finding ways to lower these costs.

Back to closing questions

How do I prepare for the closing and how does it work?

Soon after your loan is approved, your processor will send a list of documents you'll need to bring to the closing. Before closing you should conduct a final walk-through of the property to make sure all repairs and construction work have been completed, that there's no new damage, and anything meant to be sold with the home is still in place. At the closing itself, the legal purchase of your home is completed. You'll sign final documents and provide the cashier's check.

Back to closing questions