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Planning for Fees, Closing Costs and Down Payments

Fees and Closing Costs

Application fees may include:
  • Cost of a personal credit report.
  • Cost of an appraisal of the real estate you plan to buy or refinance.
Closing costs may include:
  • Premiums for homeowners and title insurance.
  • Inspection Fees.
  • Loan underwriting.
  • Survey charges.
  • Closing or origination fee (sometimes known as “points”).

We’ll provide you with a detailed estimate of these costs within three days of the receipt of your mortgage application. In addition, we can answer any questions about the amount or type of these fees.

We’ll also provide you with a Truth-In-Lending Statement that discloses the Annual Percentage Rate (APR) for your loan.

Down Payments
Your down payment will depend on the type of loan you get from The Friendship State Bank. The percentage can vary widely from 0% to 20% down. In general, the larger your down payment, the lower your monthly payment, which is why many homeowners prefer to set aside at least 10% of the purchase price of the home for a down payment.

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