What Does it Cost?
Standard costs are appraisal, credit report, title insurance, closing fee, recording fee, pest inspections and a water test (if not on public water). Points and origination fees are negotiable. These are collected at the time of the closing.
The VA funding fee is calculated based on prior usage of the VA loan program and this fee can be financed into the loan. Disabled Veterans may be exempt from the VA funding fee.
Closing Costs
Fees and costs are incurred at closing. Generally these costs are: origination fee, appraisal, credit report, title insurance, closing fee, recording charges and survey. Points are negotiable. The VA funding fee can be financed. Disabled Veterans may be exempt from funding fee.
Prepaid Items
These are fees and charges that are paid throughout the course of the loan. Fees, such as property taxes and homeowners insurance, are collected at closing and throughout the life of the loan. The amounts can vary widely from home to home. Your loan originator can assist you in estimating these up front charges.
Interest Rate
The interest rate for VA financing depends on certain factors. Interest rates fluctuate daily. Your First Equity loan originator can offer you a rate lock at the time of application which will guarantee your agreed upon rate at closing.
Monthly Payment
Your payment will include principal, interest, property taxes, and homeowners insurance. If you are buying a condominium apartment, you will also pay a monthly condominium association fee. Before making an offer on a home, ask your First Equity representative to help you estimate your monthly payment for the particular home in which you are interested.