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Closing Costs

 

A guide to understanding mortgage closing fees and closing costs

 

Mortgage closing costs and fees, helping you understand your options to save on your next loan. Please note every state handles loan closings in a different manner and the 3rd party fees for this will vary from state to state. If you are shopping for a mortgage there are two sets of fees you will need to examine, third party fees such as:

  • Title Insurance
  • Title Company Closing Fee
  • Appraisal
  • Credit Report
  • Recording Fees
  • Attorney Fees - where applicable

And lenders fees, such as:

  • Loan Discount Points
  • Loan Origination
  • Underwriting
  • Processing
  • Application
  • Commitment

It's important that you closely examine both sets of fees when shopping for a mortgage. Your lender may increase your lender fees for items such as your credit score, loan to value, debt to income ratios, loan amount and interest rate buydown. Be sure to review with your lender the nature of your closing costs.

If you are exploring a new mortgage loan, then it is important to compare both rate and lenders fees with multiple lenders. We offer free mortgage quotes from different lenders to make sure you end up with the most favorable loan terms.

11-24-2007 ? LoanNetwork.com

 

 

 

 

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