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Closing Costs: Loan Fees, Settlement Fees & Prepaid Fees

Closing costs are mortgage fees over and above the price of the property, which you will be expected to pay at (or prior to) closing.

There are fees you will be responsible for, either by paying them from your cash-out, savings, financing them in the loan or with a higher interest rate to cover the expenses:

Comparing Closing Costs

Comparing the closing costs of different lenders can be confusing because every lender has different fees and names for them.  Prepaid and Settlement fees are standard fees, and are the same regardless of the lender. 

Loan fees, however, are a lender specific expense and the key to comparison shopping. Again, different lenders have different names for their fees, so beware of hidden expenses. Our expert loan officers have experience evaluating closing costs, and are happy to review any competitorís Good Faith Estimate with you and clearly compare it with our own.

To Review Our Guaranteed Closing Costs for the rates posted on our site, click here...

Loan Fees

These fees cover the cost of processing your loan.  They vary by state and depend largely on the type of loan program for which you've applied. Occasionally, they include charges by third party companies required to process your loan. You can obtain a Good Faith Estimate of all your closing costs, as well as an explanation of these fees, by contacting a Associate Mortgage loan officer. Contact Us.

 

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Common Fees

Based on

Charged by

What it is for

Application Fee

Flat Fee

Lender

To process your application.

Appraisal Fee

Flat Fee

Third Party

To evaluate the market value of your home.

Points Fee

Loan Amount

Lender

To permanently reduce the interest rate over the life of the loan.

Courier Fee

Flat Fee

Third Party

To deliver closing documents.

Credit Report

Flat Fee

Third Party

To determine how well you have been able to meet your financial obligations in the past.

Flood Certification

Flat Fee

Third Party

To determine if your property is located on a flood plain.

Document Preparation

Flat Fee

Lender

To prepare the legal mortgage documents for closing.

Underwriting Fee

Flat Fee

Lender

To have your loan application reviewed by an underwriter.

Tax Service Fee

Flat Fee

Third Party

To set up and administrate your tax escrow account.

Note: This is a list of commonly applied loan fees. Remember, not all of these will apply to your loan. Contact your loan officer for a list of those costs that apply to you.

 

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Settlement/Closing Fees

These fees are not controlled or determined by the lender, and vary by state.  For an explanation of these costs, we recommend that you contact your local attorney, escrow or title company.  If you need further assistance, please email us or call us at (561) 228-8563 or toll-free at (888) 431-6387.

Common Closing Fees

Based on

Charged by

What it is for

Title Insurance

Loan Amount, Property Value, Location

Title Company

To ensure the seller has a clear title.

Survey

Property

Surveyor

To legally delineate the bounds of your property.

Attorney

Flat Fee

Attorney

To represent the buyer's interests.

Transfer Tax or Doc Stamps

Varies

State/County

To cover State/County Tax

Recording Fees or State Tax

Varies

County

To record your deed/mortgage in the county records.

Intangible Tax

Varies

County

To record your deed/mortgage in the county records.

Note: This is a list of commonly applied settlement fees. Remember, not all of these will apply to your loan. Contact your loan officer for a list of those costs that apply to you.

 

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Prepaid Fees

These fees are actually pre-payments of certain mortgage loan requirements, such as insurance and taxes. Payments are usually deposited into an escrow account. These are standard fees and rarely vary between lenders.

  • Real Estate Taxes (2 months to 1 year)

  • Homeowner's Insurance (14 months)

  • Prepaid Interest (Pro-rated for remaining days in month that you close)

  • Mortgage Insurance (if applicable to your loan, 2 months typical)

To see more about HUD Settlement Cost Statement which you may receive one day before Closing-law states that you must make a request in order to receive the HUD Statement before Closing- click here

More information is available through HUD

 

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When you get a Florida mortgage through us, we want it to be a great experience!

Contact us directly at (561) 228-8563 or (888) 431-6387, ask us a question or two. Or, click on our Live Chat to message us now!
 

We look forward to hearing from you,
our most important client!

Page Updated: 07/31/2007

First Published: 2001


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