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Final Steps to Closing

Documents you’ll receive from your Synovus Mortgage Loan Professional once your application is submitted:

A truth in lending disclosure

This statement provides information about the proposed loan, such as annual percentage rate, total finance charges, amount financed, total payments, schedule of payments, late payment charges, prepayment penalty (if any), and assumption options, which indicate the lender’s willingness to allow a future buyer to take over your original loan.

A “good faith estimate” of closing costs

This is an estimate of the approximate amount of money you will need at closing. The forms lenders use to prepare this estimate vary, but the information is basically the same. This estimate gives you a rough idea of the fees the lender will charge you when you apply for a loan. Standard fees are interest adjustment, title insurance, recording fees, and survey fees. There are also many variable fees, including application fee, points, appraisal and credit report fees, and closing and settlement fees.

A booklet from HUD

(U.S. Department of Housing and Urban Development) to help you understand closing costs and truth in lending disclosures.

The actual closing is when papers change hands and the home officially becomes yours. You must pay for the rest of your closing costs and down payment at closing.  Payment should be by a certified or cashier’s check rather than a personal check.

Before you go to closing:

o       Review all loan documents and your purchase agreement.

o       Do a final “walk through” inspection.  Make sure that all repairs have been made and no items in your agreement have been changed or removed from the house.

Closing Costs

A Good Faith Estimate is provided to you upon application which includes estimates of the fees that you will be charged at closing. Below is a general description of the most common charges and is for demonstration/example only. Contact your Synovus Loan Professional for additional information of fees on your specific loan.

n       Loan Origination Fee – Charged to you by the mortgage lender for placing the loan. This is usually about 1% of the loan amount.

n       Discount Points – Fee charged by the lender on loans that have an interest rate lower than the “market rate.”

n       Survey Fee – This fee covers the cost of a land survey if needed.

n       Wire Transfer Fee – A fee charged by your bank for wiring your funds.

n       Attorney Fees – These fees are charged by the attorney for handling all of the paperwork and financial transactions associated with the closing.

n       Underwriting Fee – This fee pays for the underwriting staff to review your loan and make sure that the documentation in the file conforms to all lender guidelines.

n       Documentation Prep. Fee – This fee covers the lender’s administrative costs and the costs associated with handling your loan.

n       Courier Fees – These fees cover the costs of overnight mail charges and courier fees for your documents.

n       Appraisal – This fee is charged by the appraiser and varies depending on where the property is located. We have a list of “approved” appraisers and make every effort to provide you with the most timely and cost-effective appraisal.

n       Flood Certification – This fee is for certification from the Federal Emergency Management Agency that your property is not in a flood zone.

n       Reserves/Escrow – At closing, lenders collect several months estimated taxes, hazard insurance and PMI if needed. These funds are used to set up escrow accounts to pay your taxes and insurance every year In some instances, your taxes and/or insurance may be due before your first mortgage payment. If this is the case, you’ll need to make that payment at closing.

n       Title Insurance – This insurance guarantees that your home has no outstanding liens against it. This fee varies from state to state.