Financial FAQ

Welcome to HomeFree-USA Financial FAQ Knowledge Base. Type in your question or search keywords that correspond to your issue.

Purchasing a Home

How much money will I have to come up with to buy a home?

That depends on a number of factors, including the cost of the house and the type of mortgage you get.

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What are closing costs?

There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following:

 -   Attorney's or escrow fees (Yours and your lender's if applicable)
 -   Property taxes (to cover tax period to date)
 -   Interest (paid from date of closing to 30 days before first monthly payment)
 -   Loan Origination fee (covers lenders administrative cost)
 -   Recording fees
 -   Survey fee
 -   First premium of mortgage Insurance (if applicable)
 -   Title Insurance (yours and lender's)
 -   Loan discount points
 -   First payment to escrow account for future real estate taxes and insurance
 -   Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
 -   Any documentation preparation fees


What is a Good Faith Estimate?

It's an estimate that lists all fees paid before closing, all closing costs, and any escrow costs you will encounter when purchasing a home.

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Down Payment Resources

How do I find down payment assistance?

Ask around.  Ask Realtors, lenders and friends.   Many counties and cities have 1st time homebuyer programs.  An online resource is



What are seller concessions when buying a home?

When you purchase a home, make sure to talk to your lender and Realtor about the possibility of seller's concessions. Simply put, these concessions are a set dollar amount or percentage of the purchase price that a seller agrees to contribute to you, the buyer, towards your closing costs which will lower the amount you need to close on the property.