Application Fee:Covers the cost of application and the appraisal (nonrefundable).
Attorney Fee:Preparation of the paperwork by our closing attorney.
Completion Inspection Fee:Fee charged if the bank has to return to the property after the appraiser has been there to re-inspect.
Flood Certification Fee:Life of loan certification to monitor changes in flood maps.
MGIC:A company which writes insurance that protects the mortgage lender against loss in the event of borrower default. Private mortgage insurance is required if the loan-to-value (LTV) ratio is more than 80%.
Municipal Lien Certificate:Provides amount of real estate taxes that are owed on the property.
Points:Origination fee; represents one percent of the mortgage amount.
Recording Fee:Fee to record required documents such as the mortgage and deed.
Tape Survey:Shows the meets and bounds of the property; how the foundation sits on the property; if the property conforms to local zoning laws; and if the property is located in a flood zone.
Tax Related Service Fee:A one time fee for the purpose of monitoring real estate tax payments.
Title Fee:Actual title search; insures that the title is free and clear of all encumbrances.
Title Insurance:Protection against possible title defects that could result in claims against your property.
Remember:No required escrowing for Real Estate taxes and homeowners insurance means less money needed at loan closing for reserves.