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You'll find these fees are paid to everyone from your lender to the state of Georgia. They are simply the cost of buying real property.
My fee is the loan origination fee: Some lenders advertise no fees. Don't kid yourself. We aren't a charity, this is what we do for a living. Someone has to pay the fees involved in transferring real property, and if the lender can afford to do so, it is because there is sufficient profit in the loan. But the bottom line is YOU pay the costs either at the closing table on the settlement statement, or for the life of your loan in interest rate. |
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Essentially, closing costs are the costs involved with transferring title of the property, establishing value in the property (appraisal), and getting the financing. These are the settlement or closing costs. |
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Establishing and Transferring Ownership |
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This includes a title search, title insurance and related escrow/attorney's fees. An investor requires clear title before lending monies on property. Clear title is proven with a title search. Public records affecting real estate title are in local government offices, county courts, tax offices, and surveys. Records of deaths, divorces, court judgments, liens, and contests over wills are all examined in case they adversely affect title. The title search is done by an escrow or title company, a lawyer, or title examiner. In addition to the title search, your lender will require a title insurance policy. The policy protects the lender against an error by the title examiner. |
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Amounts Paid to State and Local Governments |
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City, county and state transfer taxes, recording fees, and prepaid property taxes |
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Costs of Getting a Mortgage |
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| Appraisal, credit report, loan documentation fees, notary charges, loan origination, underwriting, commitment and processing fees, hazard insurance, interest prepayments, and lender's inspection fees. | ||
Processing
Fee |
This charge covers the initial costs of processing your loan request. | |
Appraisal
Fee |
Pays for an independent appraisal of the home you want to finance. It establishes the market value of the house for the loan. | |
Origination
Fees |
The origination fee is charged for evaluating and preparing your loan. Discount points are prepaid finance charges paid to the lender to increase the yield beyond the stated interest rate on the mortgage note. More discount points paid equals a lower interest rate. One point equals one percent of the loan amount. For example, one point on a $100,000 loan would be $1,000. In some cases - mostly refinances - points can be financed by adding them to the loan. | |
Insurance
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Your lender will insist you have a policy to protect them against damage to the house in effect at closing. | |
Assumption Fee, if any |
This is charged on assuming an existing mortgage. The size of the fee will depend entirely on the lender, be sure to ask the seller what it is. | |
Home Inspection Fee, paid to the home inspector |
This is an option for buyers who want an analysis of the structural condition of the property by an engineer or consultant. | |
Mortgage Insurance, |
Buyers who have mortgages of more than 80% of the value of the house may be required to take mortgage insurance. This policy covers the lender's risk in the event the buyer fails to make the loan payments. Premiums are paid annually from an escrow or reserve account, or in a lump sum at closing. | |
Expenses Between Buyer & Seller |
Typically, a seller pays the pro-rated portion of local property taxes, annual condominium fees and other like charges, and the buyer assumes the remainder of the year's fees. | |
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Anticipating Closing Costs |
It is paramount that you know what to expect. The lender is required to supply you with a Good Faith Estimate of all your closing costs within three business days of your application for a loan. Under the Truth in Lending Act the lender is also required to provide you with a disclosure estimating the costs of the loan you have applied for, including your total finance charge and the Annual Percentage Rate (APR). The APR expresses the cost of your loan as a yearly rate, but this rate is going to be higher than the stated interest rate on your mortgage because it calculates discount points, mortgage insurance, and other fees that add to the cost of your loan. Finally, a settlement statement of your actual costs will be given to you at or before closing. | |
Could it get any easier?Call Traci, 770-333-4404 or send an email and we'll call you. |
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fi·nan·cier
Pronunciation: "fi-n&n-'sir;
f&-"nan-, "fI-
Function: noun 1 : one who specializes in raising and expending public moneys;
2 : one who deals with finance and investment on a large scale.
Divorce, Who Gets the House? Who Gets the Mortgage?
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* Programs, Rates & Terms subject to change without notice;
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