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1Rate - 12123 Heritage Park Circle, Silver Spring, Maryland 20906 1Rate - 12123 Heritage Park Circle, Silver Spring, Maryland 20906

faq

The most common home loan and mortgage questions

Here are some of the most frequently asked questions regarding mortgages. If none of your questions are here, please contact one of our mortgage advisors.

Frequently Asked Questions

  • What’s the difference between a Loan Cost and Closing Cost?

    Closing costs are broken into two categories: loan costs and other costs.

    Loan costs can consist of some or all of the following: appraisal fee, title fees, credit report fee, administrative fees, and underwriting fees. Ask your loan advisor about closing cost for your unique situation.

    Other costs typically will consist of taxes and prepaids. If the borrower is escrowing their homeowner's insurance and property tax, this will be part of the Other costs.