CLOSING COSTS: WHAT ARE THEY?

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
    companies.
  •  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
    loan.
  • Discount fee – the fee charged by the lender to obtain a lower
    rate.

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
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

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