Closing Costs Information
Closing Costs Information
This is very important to know what are your closing costs and who receives the money for the service! Below are standard fees charged by third party services, plus closing cost fees to look out for.
There are many variables when considering mortgage closing costs on your mortgage loan. If you want
the best interest rate, then there is simply no way around paying them. The only "out of pocket" cost is for the cost
of the (Cash on Deposit) appraisal. The balance of the cost is from the loan amount you are borrowing. Here is
the list of line item fees on your good faith estimate you received.
The closing cost charges and name of the fees may be different from state to state. At Inter-Lake-Lending we charge the very minimum and find the best and cost saving
title company service. When you receive a good faith estimate at the time you
applied for a loan please check all the fees charged - remember to take it with you to the mortgage closing. If you don't benefit from the loan we
will not do the loan.
What A Michigan Lending Company considers "JUNK FEES": Application fee, discount points, funding fee, admin. fee, cancel fee, broker fee, or any other fee not paid to a third party for services, only one may be processing fee. If you have any questions about your fees or want a second opinion on fees that is charged to you from another mortgage company please contact us anytime at (616) 301-1811
, or Email us at
Rommie.Bailey@Inter-Lake-Lending.com
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801. Loan origination fee (points)
802. Loan discount
803. Appraisal fee
804. Credit report
805. Lender's inspection fee
806. Mortgage broker fee
807. Tax related service fee
808. Processing fee
809. Underwriting fee
810. Wire transfer fee
811. Flood certification fee
812. Lender fee
813.
901. Interest for
902. Mortgage insurance premium
903. Hazard insurance premium
904. Other pre-paid charge
905. VA Fee
1001. Hazard insurance
1002. Mortgage insurance
1003. School taxes
1004. Property taxes
1005. Flood Insurance
1101. Closing / escrow fee
1105. City/county tax/stamps
1106. Notary fee
1107. Attorney fees
1108. Title insurance
1302. Pest inspection |
Loan originator can charges
This is to discount your interest rate
A fee paid to the appraiser
A fee paid to the credit bureau
A fee paid to inspection company
A fee to be paid to broker
A fee paid to lender
A fee charged for processing loan
A fee paid to lender for underwriting
A fee paid to title company
A fee paid to flood cert. company
A fee charged by the lender
Pre-paid interest at closing
This is Private Mortgage Insurance
Pre-paid Insurance for 12 months
Other pre-paid charge
Veteran Agency fee charged
Escrow account paid annually
Borrower pays PMI
Escrow account paid annually
Escrow account paid annually
Escrow account paid annually
Title company closing fee
Fee paid to county (selling home)
Fee paid to notary - most free
Fee paid to attorney that you hired
Title company fee title insurance
Fee paid to pest control company |
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