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Home - Emporia State Federal Credit Union

Mortgage Process


You found out how much home you can afford, gathered your documents, applied for a loan, found the home of your dreams, and made an offer that was accepted. All that is left is to close on your loan!

Before you close, we want to wish you a “congratulations!” for all your hardwork. Buying a home is no small feat, but you did it!

You will agree on a date with your loan officer, the seller, and the title company to close on your loan. This is when you sign documents to record the title and officially transfer ownership of the home to you.

This is also when all applicable fees are paid. As the buyer, below are some fees that may apply to you:

  • Credit Report
    • done by an independent credit association, to establish your credit rating
  • Appraisal
    • done by an independent appraiser, to establish the value of the house
  • Inspection
    • done by an independent home inspector, to provide information about the integrity of the house (typically not required by the lender)
  • Title
    • to disclose whether there are any liens and encumbrances
  • Recording Fees
    • to record the transfer of property with the appropriate government bodies
  • Courier Fees
    • to cover the cost of transporting documents between the escrow service and various other entities
  • Loan Origination Fee
    • this is a fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan
  • Discount Points
    • prepaid finance charges tied to interest rate (the higher the interest rate, the lower the discount points.)