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Mortgage Fee Structure

As a consumer, it is very important to compare the mortgage fee structure between lenders before you make an application. While a mortgage interest rate is certainly important, you must be sure the lender will not charge an excessive mortgage fee structure to secure a desired mortgage rate. The document which will allow this comparison of the mortgage fee structure is a Good Faith Estimate of Closing Costs. The Good Faith details interest rates, terms, and the cost of the transaction. You will always receive an Estimate from me before you make application and I urge you to insist on an Estimate from any lender you consider.

Mortgage fee or closing costs fall into several categories-

  • Lender fees which can vary by lender

  • Settlement attorney fees

  • Government fees and taxes

Lender fees

Please understand that I am a mortgage broker with access to over 500 lenders, each with their own fee schedule. Fees below are representative of average fees charged by various lenders we represent. The only fees I charge and keep are a $300 processing fee and a $395 Broker fee. Everything else is a direct pass through from various service providers associated with the transaction.

Origination fees  I do not charge origination fees or points $ 0
Discount points Prepaid interest to lower an interest rate Varies by rate
Application fees I do not charge an application fee $ 0
Lock in fees I do not charge for locks under 60 days $ 0
Underwriting/Doc prep Fees to cover office costs $400
Flood Certification  Verify property is not in a flood plain $18
Tax Service Paid to process property tax payments $61
Appraisal Verify property value $300-400
Credit Report Fees Paid to verify your credit profile $15

Settlement Attorney fees    

Attorney fees Paid for document prep and closing services $225-$400
Title Search Cost to verify chain of title $85- $200
Title insurance Required by lender to insure the chain of title $3.90/$1000 of value

Government fees and taxes

Recordation Fees  Fees charged to record a new deed $50- $200
State Transfer Tax The required state taxes Varies by State
County Transfer Tax  The required county taxes Varies by County

Please note that the above are for information purposes only. Some programs require additional fees.

Request a Good Faith Estimate before you apply

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

 


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