To our Zillow guests

Zillow allows us the opportunity to earn your business in a cost effective manner. In turn, since our advertising expense is reduced we are able to offer you the lowest wholesale rates on Zillow 

The quote I have prepared on Zillow reflects the lowest wholesale rate at the time of the quote with a small loan origination cost. This provides you with the lowest rate. If you are planning to stay in your home for more than 3 years this loan structure makes the most financial sense. Call me to review and compare other options.

In order to calculate your total closing costs the following Attorney and title costs need to be included. These costs are present on all mortgage loans in Massachusetts.

Attorney fee:$500

Title Search:$150.00

Obtain and record Municipal Lien Certificate:$90.00

Recording your new loan at the Registry of Deeds: $300

Survey Affidavit: $50.00

Courier fee: $20.00

The one variable item is Lender's title insurance: this is calculated based on the amount of the loan. Please see below for an explanation.

Purchase mortgage loans: In the state of Massachusetts lenders title insurance is calculated at $2.50 per thousand dollars borrowed. To calculate use your loan amount x 2.50 to obtain the total.

Ex: 100,000 loan amount x 2.50 = $250.00

Refinance mortgage loans: Where there is already a lender's title policy the closing attorney will be able to obtain your new lender's title policy at a discount and they will pass this savings along to you. Lender's title insurance on a refinance is calculated at $1.50 per thousand dollars borrowed.

Example: 100,000 loan amount times 1.50 = $150.00

 * Please review these costs versus your last home loan closing from the HUD Settlement Statement.

Other tips:

Your home loan should be structured to best meet your goals.

On a purchase loan in today's marketplace you should consider asking for a closing cost credit from the seller. On conventional loans you can get up to 3% seller concessions to use for closing costs and escrows.

On a refinance transaction you can elect to roll the closing costs into the new loan to eliminate your cash out of pocket expenses.

A slightly lower rate will have slightly higher closing costs. Finding the right rate/fee combination that meets your needs is best done by a phone consultation.

I look forward to the opportunity to assist you with your new home loan.

Apply Now

Jeff Drew- 1-800-941-5616

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