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. We work for you, not the lender.
Counsel Mortgage Group®, LLC
Licensed in Arizona, California, Hawaii and Illinois
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873
HI-178927
IL MB.6761723
Copyright © 2022 Counsel Mortgage Group®, LLC.