What is the cost of getting a mortgage loan?

Costs and fees for getting a mortgage can vary depending upon mortgage lender policies and certain of the choices you make when you get your loan. For planning purposes, you should figure on 2% to 4% of the loan amount as a working figure, but total out-of-pocket expenses for funding escrow accounts and buying needed insurance policies can push that figure higher.

If you're refinancing, you can finance those costs in a couple of different ways; HSH's refinance calculator can help you determine how best to pay those mortgage closing costs. Also, if you're refinancing, a good way to get a handle on what your new mortgage will cost is to review your existing loan's closing documents; for loans made before 2015, those costs would be listed on your HUD-1 Settlement Statement, and for loans made after 2015, on the Closing Disclosure.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: What is the cost of getting a mortgage loan?
NOV 11, 2021
A:

 Costs and fees can vary depending upon lender policies and certain of the choices you make when you get your loan...

Read More
Q: What is the down payment required to get a mortgage these days?
NOV 03, 2021
A:

A: While some 100% financing may be available...

Read More
Q: Are reverse mortgage interest rates fixed or variable?
NOV 03, 2021
A:

If you are a homeowner age 62 or older and have equity in your home, you may be considering a reverse mortgage as a way to boost your retirement income.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen