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!
We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
Copyright © 2019 Counsel Mortgage Group®, LLC