Deciding to Buy
Preparing to Buy
Choosing An Agent
Time to go Shopping
Making an Offer And Closing
Here are some of the fees you can expect:
- Loan Origination Fee: Covers the costs of evaluating and processing your mortgage loan.
- Appraisal Fee: The fee for having your new home appraised. (May be rolled into the closing costs.)
- Credit Report: Covers the expense of your credit history report.
- Escrow Account Fees: A trust account created by a third party to hold money. Generally, this money goes to pay property taxes and insurance. To fund the account, your monthly mortgage payments may include one-twelfth of your annual property taxes and insurance charges. The first escrow fee may be due at closing.
- Title Search: Examination of public records to ensure that no one but the seller has a valid claim to the property.
- Title Insurance: Insurance that protects the lender and buyer from losses that may result from disputes over the property’s title. Typically, the buyer purchases the Lender Title Insurance.
Other Third Party Fees
- Document Preparation: Charged for the preparation of the closing documents.
- Underwriting Fee: Covers the costs of the underwriting process, which is the analysis of the risk involved in making a mortgage loan.