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Understanding ESL Mortgage Closing Costs and Fees

Understanding ESL Mortgage Closing Costs and Fees 

Here’s something important to remember when you’re shopping for a mortgage: 

We carefully manage and control the mortgage process from start to finish. Our goal? We want to minimize the costs our members pay. That’s one of the reasons why our closing costs are among the lowest in our area.

We also make sure that our entire approach to closing costs is straightforward and easy to understand. That’s why you’ll know exactly what’s due prior to closing. And you won’t have any unexpected, last-minute expenses that may delay the closing process.

A Quick Reference Guide to Closing Costs

At ESL, we realize that buying a home can be a complex and confusing process for many home buyers. That’s why we want to make sure you understand all of the specific costs involved in your closing.

Here’s a quick recap of these common closing costs:

  • Origination charges cover our fees for processing your mortgage application, including your application and underwriting fees, the costs involved in document preparation, and the settlement and attorney costs. 
  • Discount points are paid voluntarily in exchange for a lower interest rate. They are calculated as a percentage of your loan amount and usually paid at closing.
  • Mortgage Insurance will be required on loans with over 80% LTV to protect the lender in the event of default of the borrower. This is often called FHA Mortgage Insurance Premiums.
  • Other expenses for third-party services obtained on your behalf. These expenses include the costs for your title insurance and fees for appraisals and credit reports.
  • Taxes and other government fees cover your state and county mortgage taxes and the recording fees paid to the county clerk.
  • Prepaid items include property taxes, homeowners insurance, and prepaid interest. They may also include mortgage insurance.
Estimate Your Closing Costs

To make a sound financial decision about a mortgage, it helps to estimate your closing costs in advance. 

That’s why we provide a helpful Mortgage Closing Calculator. It will help you find a mortgage that fits your financial situation and your budget.

Use our Mortgage Closing Calculator today.

Post-Closing: Potential for Late Fees

At ESL, there’s only one fee that may be assessed after your closing. And that only happens if your mortgage payments are late. If we do not receive the full monthly payment 15 calendar days after the scheduled due date, you’ll have to pay a late fee that is 2.0% of the total overdue payment of interest and principal.

Please remember, however, that there are easy ways to avoid late fees. Just make sure your mortgage payments are made on time every month. View Loan Payment Options .