Skip to main content

Welcome to Third Federal Online Banking.

Log In
Customer Notification
We are here to help our customers impacted by the government shutdown.

What costs are involved in getting a mortgage?

Here's what you may have to pay when you close on a mortgage loan:

  • Down Payment: Cash paid towards the purchase of a home.
  • Private Mortgage Insurance (PMI): Required insurance to protect the mortgage lender against losses.  This cost may change based on your credit score.
  • Closing Costs: These are typical costs associated with obtaining a mortgage.
  • Prepaid Interest: Interest paid to cover the number of days remaining in the month you close. (Amount may change based on final closing date.)
  • Title Insurance: Amount paid to protect against losses resulting from claims by others against your new property.
  • Points: An optional one-time amount paid by you to lower your interest rate for the life of the loan.
  • Real Estate Taxes: Amount of funds collected for future tax payments.  A reserve is collected at closing (escrow).

Related Items