Here are the typical closing costs involved in getting a loan and a quick explanation of each cost:
– Underwriting/Administration Fee – the fee charged by the
lender to underwrite the loan.
– Appraisal fee – lenders require a third party valuation of the
property by a licensed appraiser.
– Credit report fee – the fee charged by credit reporting
– Escrow fee – the fee charged by the escrow company to handle
the paperwork to process the transaction.
– Title insurance – insures against loss due to liens,
encumbrances, or defects in the title to the property.
– Recording fee – the fee charged by the governing body to
record the deed.
– Origination fee – the fee charged by the lender to originate the
– Discount fee – the fee charged by the lender to obtain a lower
If you are applying for a loan and have questions on any of these fees, give us a call and we’ll be happy to go over them with you!
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Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2017 Counsel Mortgage Group®, LLC