JVM spends a substantial amount of time educating buyers, and this process includes multiple “Payment and Closing Cost” Scenarios. We go out of our way to make sure we include every possible cost in our estimates to ensure there are no surprises at closing time.
Our estimates include Transfer Taxes, Property Taxes, Interest and Hazard Insurance, as well as the usual Appraisal Fee, Title Insurance, Escrow Fee, Underwriting Fee, Notary Fee, etc.
We often see other lenders under-state closing costs to make their financing appear more competitive. But, these lenders are often vastly understating pre-paid items like Interest and Property Taxes, or ignoring items like Transfer Taxes altogether.
B/c most closing costs are 3rd party fees, not charged by lenders, borrowers can compare numerous lenders and rarely find a difference of more than $500 in total closing costs (unless the lender is offering a “credit” with a higher rate).
When differences are larger than $500, usually something is ignored or understated.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646