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|
|
1. Application Fee |
Amount
charged for loan at time of application.
$295 and up. Usually covers appraisal and credit report costs. |
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|
2. Service Charge,
Underwriting
and/or
Processing |
Amount
charged for processing the loan. Usually 1% to 3% of the mortgage
amount. |
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|
|
3. Title Expenses |
a.
Settlement / Closing Fee - $150 and up
b. Insurance - approximately $125 and up
c. Endorsements - $50 Torrens
$50 Condominium
$50 Adjustable Rate Loan
$50 EPA; Date Down |
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|
4. Home Owner's
Insurance |
Purchaser
must provide a Multi-Hazard Insurance Policy in the mortgage
amount. |
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|
|
5. Interest |
Lender will
charge interest on the mortgage from the date of closing through
last day of the month. |
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|
|
6. Taxes |
Pro-rata
share of Real Estate taxes will be
charged from the date of possession to date of
first payment on mortgage. |
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|
|
7. PMI Insurance |
Insurance
required on all mortgages with less
than 20% down, protects lender in case of loan
default. |
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|
|
8. Attorney's Fees |
$300 and up |
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|
|
9. Recording Fees |
$60 and up |
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|
10.
Village Transfer
Tax |
In some
Municipalities, buyers are charged $3 /
$1,000 (or more) at closing. |
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|
| 11.
Miscellaneous |
May have
document preparation fee, flood
certification, or a tax service fee. The following
are some examples of the fees depending upon
the source of the mortgage:
Document
Preparation $125.00
Flood Certification
$ 25.00
Tax Service
Fee
$ 63.00 |
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|
| 12.
Reserves |
2 or more
months of Principal, Interest , Taxes
and Insurance. |
