Buyer's Guide
Lansing Area Real Estate

The Good Faith Estimate
 Be wary of Brokers who will not give you a Good-Faith Estimate.

It's important to know how much all the various fees will cost you. Michigan law requires every bank or mortgage company to give the buyer a Good Faith Estimate within three days of applying for the loan. This paper will outline all the fees youíll be expected to pay in order to obtain your loan. Although this is an estimate, the figures should not vary too greatly from the actual fees youíll pay at closing.

Lenders have no control over title-related fees or the cost of homeowner's insurance. When you shop for a loan, be sure to compare only the that the lender controls.
Review the closing costs estimates and donít be afraid to ask questions about fees you don't understand. Watch out for unusual fees and additional charges that seem questionable and do nothing for you. These are referred to as "Junk Fees" in the Mortgage business and only serve to make the broker a little richer.

Typical closing costs  

  • Loan application fees and credit report
  • Title search and insurance fees (Title insurance)
  • Property appraisal
  • Survey 
  • Down Payment
  • Mortgage insurance (PMI)
  • Hazard insurance
  • Recording fees
  • Documentary stamps on new note
  • Escrow account balances. (Prepaid taxes, interest and insurance.)  
  • Points and origination fees (This fee can vary greatly with each lender)

                           Make certain that you receive, and understand, a Good-Faith Estimate
                                              before you make a commitment to any lender. 


Lansing, East Lansing, Okemos, Haslett, Williamston, DeWitt, Bath, Perry, Holt, Mason, Leslie, Dansville
Stockbridge,  Webberville, Grand Ledge, Charlotte, Olivet, Potterville, Eaton Rapids, St. Johns, Laingsburg, Owosso, Portland

2152 Commons Parkway, Okemos, Michigan 48864

Office:   517-324-3200
Fax:   517-324-3201
Toll Free:   877-326-3772


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