rightSettlement costs

There are so many different charges involved in buying a home, it is important to know what to expect at the settlement. Your lender is required to give you a Good Faith Estimate (GFE) of your settlement costs within three business days of your loan application. Once you get it, review the charges below to avoid any surprises when you sit down to close on your loan.

There are three basic categories of settlement costs:

  • Fees to get a mortgage. This includes lender fees and points, as well as a host of other charges involved in obtaining and processing your loan. Points are an upfront charge expressed as a percent of the loan amount (e.g., 1 point is 1 percent of the loan) to increase the lender's effective yield on a loan.

Specific lender fees can include:

    • Loan Origination Fee. This is a charge for your lender's work in evaluating and preparing your mortgage loan.
    • Application Fee – This charge covers the initial costs of processing your loan application and obtaining your credit report.
    • Appraisal Fee – Your lender will need an opinion from an independent appraiser of the market value of the home you wish to purchase.
    • Survey – This fee goes to a surveying firm who will verify that your lot has not been encroached upon by any structures since the last survey conducted on the property and to ensure that the home and other structures and legally where the seller says they are.
    • Mortgage Insurance – A lender may require this type of insurance for buyers who make a down payment of less than 20 percent of the value of the house. The policy covers the lender's risk in the event the buyer fails to make the loan payments. Premiums are typically paid annually from an escrow or reserve account, or in a lump sum at closing.
    • Homeowner's Insurance – Insurance that protects property against loss caused by fire, some natural causes, vandalism, etc., depending on the terms of the policy. Also includes coverage such as personal liability and theft away from home. Your lender will expect you to have a policy in effect by closing.
  • Fees to establish and transfer ownership of the property. Your lending institution is not likely to give you a loan on a house unless you can prove that the seller owns the property you want to buy. This is where title search and title insurance fees come into play. A title agent will verify that the seller is, indeed, the owner of the property and issue a title insurance policy to guard the lender against any errors that could have occurred in the searching process. The cost of the policy is usually based on the loan amount. There may also be attorney, escrow, courier fees and other charges involved in the settlement process.
  •   Fees to state and local governments. These fees include transfer, recordation and property taxes collected by local and state governments. Your taxes based on the assessed value of the home, which you pay for community services such as schools, public works, and other costs of local government. Taxes can often be paid as a part of your monthly mortgage payment.  

Ameritex Mortgage, DBA of Network Funding, LP NMLS #2297

NETWORK FUNDING, LP NMLS #2297 COMPLAINTS REGARDING MORTGAGE BANKERS SHOULD BE SENT TO :

THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING

2601 NORTH LAMAR SUITE 201

AUSTIN, TX  78705

A TOLL FREE CONSUMER HOTLINE IS AVAILABLE :  877-276-5550

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS.  A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM.  FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEB SITE AT WWW.SML.TEXAS.GOV

 

 Loan Originators Texas License Information

Bryan Ely #241512, Michael Morabeto #224805, Cassandra Van Atten #271159, Darlene Porter #239841, Edwin Harris #231785, Greg Walsh #273411, Heriberito (Eddie) Garcia #239099, Maria Hernandez #314733, Randy Ikert # 210883, Lydia Saldivar #308208, Greg Damman #500418, Don Maples #265189,

 

Privacy Policy

Ameritex Mortgage is committed to protecting the privacy of our visitor's personally identifiable information. To better protect your privacy, we provide this notice explaining our online information practices and the choices you can make about the way your information is used at our site.

What Information We Collect and How We Use It

Personally Identifiable Information

When you place an order for products, information or services we collect certain types of personally identifiable information including (1) contact information, such as name, address, e-mail address, and telephone number; (2) credit card and ID verification information, such as credit card number.

We use this information to process requests for products and services. We also use collected information to communicate with you, such as to notify you (through e-mails and newsletters) about updates to products, to send you order confirmations, or to provide you with important product warranty or safety information.

In addition, we use contact information you provide to respond to your inquiries about our offerings, and to offer you, by means of e-mail or through our newsletter, additional products, programs or services that we believe may be of interest to you.

Supplementation of Information

We may, from time to time, supplement the information we collect online with outside records (e.g., information from our Strategic Partners or from wireless providers) to enhance our ability to serve you, to tailor our content to you, and to offer you opportunities to purchase products or services that we believe may be of interest to you.

Sharing of Your information

Agents and contractors who have access to personally identifiable information are required to protect it in a manner that is consistent with this Privacy Notice by, for example, not using the information for any purpose other than to carry out the services they are performing.

In addition, if you access Ameritex Mortgage through a third-party site, such as one of our Strategic Partners' sites, we also may need to report certain personally identifiable information (e.g., name and e-mail address) back to that Web site. As we explain further below in the section that follows, we will tell you at the point of collection if we will share personally identifiable information with the Strategic Partner through which you access the digital productions service.

By visiting our site and/or buying products and/or services on our site, you are accepting the practices described in this Privacy Policy and expressly agreeing to accept offers from us, our customers, and/or any third party to whom we may resell or share your information. The 3rd parties to whom we might resell or share this information include both individuals and companies engaged in the sales, marketing, advertising, and publishing industries for various products and services, as well as our shippers, carries, licensors, and/or business partners.

Our Collection of Personally Identifiable Information Through a Third-party Web Site

To provide you with content and service, we have relationships with many of the best service and content companies. As a result of these relationships, you can access Digital Productions through a third-party Web site.

Whenever you provide registration information on a co-branded page, that data may be shared with the third-party site through which you access Ameritex Mortgage. We encourage you to read the privacy policies of such third parties, as this Notice does not cover their use of information Non-Personally Identifiable Information
We may collect certain non-personally identifiable information about our visitors when you visit many of our Web pages such as the type of browser you are using (e.g., Netscape, Internet Explorer), the type of operating system you are using, (e.g., Windows '98 or Mac OS) and the domain name of your Internet service provider (e.g., America Online, Earthlink).
We use the non-personally identifiable information that we collect to improve the design and content of our service pages and to enable us to personalize your Internet experience. We also may use this information in the aggregate to analyze service usage.

Legal Process/Disclaimer

We may disclose personally identifiable information in response to legal process or when we believe in good faith that the law requires it, for example, in response to a court order, subpoena or a law enforcement agency's request

Choices/Opt Out

If you prefer not to receive marketing information or wish to fully deactivate your account information from us, simply let us know by sending a letter via certified mail to:

Ameritex Mortgage

1111 W. Mockingbird Lane #810

Dallas, TX  75247

Please note that even if you chose to opt out we will may continue to send you important service-related communications (e.g., order confirmation or product safety information). However, these are not promotional in nature.



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To enhance your experience with our site, we use 'cookies.' Cookies are used by your computer's browser to store your preferences. We use both session and persistent cookies. Cookies, by themselves, do not tell us your e-mail address or other personally identifiable information unless you choose to provide this information to us by, for example, registering at one of our sites.
We use cookies to understand site usage and to improve the content and offerings on our sites. If you set your browser not to accept cookies, you will still be able to use our site.

Links

In addition, our site contains links to other Web sites whose information practices may be different than ours. Our privacy policy does not cover these third parties' use of information. Visitors should consult the other companies' and sites' privacy notices as we have no control over information that is submitted to, or collected by, these third parties.

Security

We have put in place appropriate physical, electronic, and managerial procedures to safeguard and help prevent unauthorized access, maintain data security, and correctly use the information we collect online.


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