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Important Tips: Never provide your credit or debit card information, or online banking credentials to someone who calls you unsolicited. Be suspicious of any caller who asks for your personal information, such as your Social Security number or bank account number. If you are unsure about the legitimacy of a call, hang up and call us directly at 800-475-1150We will never contact you to ask for your personal information or login credentials. A message from Collins Community Credit Union will always include identification.

Have You Set Aside Enough for Closing Costs?

Beware of Unidentified Calls or Attempts to Gain Access to Your Online Banking Account

If you receive an unidentified call or voicemail about your online banking account, and you believe it to be suspicious or fraudulent, please hang up immediately and contact us at 800-475-1150. We are available to assist you.

Important Tips: Never provide your credit or debit card information, or online banking credentials to someone who calls you unsolicited. Be suspicious of any caller who asks for your personal information, such as your Social Security number or bank account number. If you are unsure about the legitimacy of a call, hang up and call us directly at 800-475-1150We will never contact you to ask for your personal information or login credentials. A message from Collins Community Credit Union will always include identification.

You've found the perfect home. But, even with all the budgeting you've done, closing costs are an extra expense that may take you by surprise if you're not prepared.

Published on Aug 05, 2020

Freddie Mac defines closing costs as follows:

“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 & 5% of your purchase price.”

Many first-time homebuyers say that they wish someone had educated them on closing cost and the added costs they can bring when purchasing a home. If you think about it, with a low down payment program, your closing costs could potentially equal the amount you saved for your entire down payment.

Here is a list of some of the fees/costs that may be included, depending on where the home you wish to purchase is located:

  • Government recording costs
  • Appraisal fees
  • Credit report fees
  • Lender origination fees
  • Title services (search fees)
  • Tax service fees
  • Survey fees
  • Inspection fees
  • Attorney fees
  • Underwriting fees

Is There Any Way to Avoid Paying Closing Costs?

Discuss closing costs with your mortgage loan officer and real estate agent to determine if there are ways you can lower your closing costs. There are no-closing cost mortgages available, but they may end up costing you more in the end with a higher interest rate, or by wrapping the closing costs into the total cost of the mortgage (meaning you’ll end up paying interest on your closing costs.

Homebuyers can also negotiate with the seller over who pays these fees. Sometimes, the seller will agree to assume the buyer’s closing costs in order to get the deal finalized.

Speak with your mortgage loan officer and real estate agent early and often during the home buying process to confirm how much you will be responsible for at closing. Your mortgage loan officer will help guide you through the financing process and help determine the best option to meet your needs.

Click here to contact a mortgage loan officer today!

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USDA Rural Development Loan

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