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The finest compliment I can ever receive is referrals from friends, family and customers
ADL Mortgage Has Mortgage Loans With Low Closing Costs And Fees
There are no typical or normal closing costs. Costs vary as brokers, lenders and title companies charge
different fees. They can even charge a different amount of money for the same fee. When requesting a
quote, always get a Good Faith Estimate sent to you. If you only ask what the closing costs or fees are,
you run the risk of not having all the costs disclosed. Closing costs do not include prepaid items/reserves
or your escrow/impound account. It is very important to have the mortgage broker go over the Good
Faith Estimate (GFE) with you line-by-line to explain each fee, who receives it and why. That way there
are no surprises when you go to the title company to sign your final loan documents.
Prepaid Items, Reserves and Impounds are not listed as closing costs, but are fees that you may incur in
connection with the loan. These are included in the total settlement charges. And the total settlement
charge is the total amount of money you will need to close your loan. The GFE should disclose all costs;
the lender's, mortgage broker's, the title company's and the appraiser's, etc. You should receive the Good
Faith Estimate in a timely manner (max 3 days by law) and the broker should go over the GFE and answer
any and all questions you may have. The broker should also explain which costs are fixed and which costs can change as some costs are tied to the loan amount or purchase price. All loans have closing costs and fees. A "no cost loan" is available by you paying a higher interest rate and then the mortgage broker pays the costs out of the broker premium that the lender pays the broker for selling a higher interest rate. Beware of "low ball" estimates. If it seems too good to be true, it probably is. Always consider the loan term, program, rate and fees before deciding which loan is right for you.
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Residential & Commerical Mortgages
