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Closing Costs are the fees associated with different services
provided throughout the loan transaction. These costs may be offset
by incremental increases in the interest rate - that's how a No
Cost Loan is provided - by charging a higher interest rate. In
reality, the No Cost Loan is the most expensive loan over time
-- but it could be the best loan for you - call and ask us to
show you.
Different lenders may call the fees by different names but generally
are defined as follows: Click
here to see a sliding scale grid of closing costs.
ALTA Title Policy - Protects the lender. Based
on loan amount.
CLTA Title Policy - Protects the borrower (purchase
transactions). Based on purchase price of property.
Escrow Fee - Charged by closing agent/Title Company.
Based on purchase price or loan amount on refinances.
Appraisal Fee - Charged by appraiser to assess
the value of your home. Based on the value of your home - usually
$300-$700.
Processing Fee - Charged by loan processing company
- typically $525.
Underwriting Fee - Charged by underwriting company
- typically $495.
Credit Report Fee - Charged by credit reporting
company - typically $20.
Tax Service Fee - Charged by tax service company
to monitor your tax payments - typically $80.
Wire Transfer Fee - Charged by banks and Title
Company to wire funds - typically $35 per wire.
Flood Certification Fee - Charged by Flood Cert
Company to verify property flood zone status - typically $20.
Funding Fee - Charged by lender to review funding
package - typically $215.
Document Preparation Fee - Charged by lender
to prepare final loan documents for signing - typically $205.
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