These are expenses you have to pay to state and local agencies, even if you paid cash for the house and didn't need a mortgage:
Transfer Taxes – Required by some localities to transfer the title and deed from the seller to the buyer.
Deed Recording Fees – To pay for the County Clerk to record the deed and mortgage, and to change the property tax billing.
Pro-Rated Taxes – Such as school taxes and municipal taxes may need to be split between the buyer and the seller since they are due at different times of the year. For example, if taxes are due in October and you close in August, you would owe taxes for 2-months, and the seller would owe for the other 10-months. Pro-rated taxes are usually paid based on the number of days, not months of ownership. Some lenders may require you to set up an escrow account to cover these bills. If not, you may want to set one up yourself to insure the funds are set aside for these important expenses.
State & Local Fees – Other state and local mortgage taxes and fees may apply.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1614643
For licensing Informmation go to:
www.nmlsconsumeraccess.org
State of Illinois, Division of Banking
Illinois Department of Financial and Professional Regulation (IDFPR)
555 West Monroe Street, 5th Floor
Chicago, IL 60661
Telephone Number: 1-888-473-4858
6515 Stanley Ave. Suite 2
BERWYN, Illinois 60402
Phone: (773) 720-4971
mauricio_echavarri@outlook.com
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this communnity, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encourage. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit a signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issue.
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