| A Homebuyers Service From CLHLLC |
CLOSING COSTcontinued
CLOSING COST to get the MORTGAGE
Here is a run down of the cost items that you will pay leading up to the closing or at the closing, that pertain to getting the MORTGAGE (and not pertaing to getting the HOME).
COST ITEMS - SOME LENDING FEES
Administration fee - (also Broker fee, Commitment fee, Origination fee, Points fee, Processing fee, Underwriting fee).
A company should not charge for all of these fees since they are somewhat synonymous.
In any event the charge for all of these should not ordinarily exceed one percent in total.
These are the various names for what is the Mortgage Agents incentive to get you a loan, their profit for all the work they do. The lender is working in your interest to find you the best loan for your needs. Covers administrative expenses to set up and process the loan. Usually a percentage of the loan (each 1% of the loan amount is known as a point).
Application fee - Application fees may cover costs such as home appraisal, and credit report, and may be charged up front to discourage the borrower from going elsewhere. Most lenders do charge an application fee (or some fee at the time of application.)
Brokers fee - (also Administration fee, Commitment fee, Origination fee, Points fee, Processing fee, Underwriting fee).
A company should not charge for all of these fees since they are somewhat synonymous.
In any event the charge for all of these should not ordinarily exceed one percent in total.
These are the various names for what is the mortgage agents incentive to get you a loan, their profit for all the work they do. The lender is working in your interest to find you the best loan for your needs. Covers administrative expenses to set up and process the loan. Usually a percentage of the loan (each 1% of the loan amount is known as a point).
Commitment fee - (also Administration fee, Broker fee, Origination fee, Points fee, Processing fee, Underwriting fee).
A company should not charge for all of these fees since they are somewhat synonymous.
In any event the charge for all of these should not ordinarily exceed one percent in total.
These are the various names for what is the mortgage agents incentive to get you a loan, their profit for all the work they do. The lender is working in your interest to find you the best loan for your needs. Covers administrative expenses to set up and process the loan. Usually a percentage of the loan (each 1% of the loan amount is known as a point).
GIVE CHRIS A CALL – LET’S DISCUSS COST of HOME MORTGAGES, AND START YOU ON THE ROAD TO HOME OWNERSHIP
YOU CAN'T MISS WITH CHRIS Call him today! OK?
