Closing costs are based on an average of customary closing costs around the nation and include a 1% origination fee; your actual closing costs will reflect costs common and customary to your area and may vary according to specific product type selected.

Prepaid expenses include 30-days prepaid interest and 2 month's escrow for taxes, home owners insurance, and private mortgage insurance, if applicable; actual prepaid expenses may vary according to closing date and property location.

Reserves are funds available to borrower after closing and do not have to be paid to lender.