Closing costs are paid by the borrower, and every one of them is disclosed before you sign anything.
What is in your closing costs
- Third-party costs: escrow, title insurance and recording, paid to those companies
- NWPL origination fee: 3 points (3% of the loan amount), $2,500 minimum
- NWPL loan document fee: $650 on non-owner-occupied loans, $850 on owner-occupied loans in Oregon and Idaho
There is no underwriting fee, no prepayment penalty and no extension fee on a performing loan. What you see is what you pay.
Owner-occupied loans in Oregon and Idaho
We make hard money loans on primary residences in Oregon and hard money loans on primary residences in Idaho. Owner-occupied loans typically close in 7–10 business days, a few days longer than our 3–5 day investor loans, because loans on a home you live in carry added consumer disclosures and review. They are generally written for 5 years, with free extensions when the loan is in good standing at maturity.
Homeowners use owner occupied hard money loans in Oregon and Idaho for a hard money refinance when a bank says no, for cash-out hard money loans against the equity in their home, or to buy before their current home sells. In Washington we make business-purpose loans on non-owner-occupied property only.