Let’s review the common costs associated with the purchase of a home. Loan costs can vary greatly dependent upon the mortgage company you choose. Be sure to hire an expert realtor who can advise you on how to choose the best loan and mortgage company for you. Believe me when I tell you that you need to look beyond the interest rate being charged.
Flood Hazard Certificate
Your lender provides certification that the home you are purchasing is or is not in the flood plain. If the home you are purchasing is in the flood plain, you will be required to purchase flood insurance. Paid at closing.
This is paid to the lender prior to closing. This fee pays for the house to be professionally appraised. Additionally, the $50.00 credit report required from your lender is paid from this fee.
Wire Transfer Fee
This is only applicable to some loans. If the lender has to wire funds to the investor (the company purchasing your loan), this fee will be applied. Paid at closing.
This is the fee associated with recording the transaction at the courthouse. Paid at close.
Sometimes your Lender will be required to courier documents to obtain final signatures. The Lender passes that charge on to you.
Lender’s Processing Fee (Varies Slightly)
This is the profit that your Lender makes for putting the transaction together. Also, some of this fee goes to pay the processor for packaging your documents for the investor. Paid at close.
This is paid to the home inspector at the time the property is inspected. Paid prior to closing.
This fee is applied to the processing of documents related to the purchase or sale of your home. All lienable utilities will be placed in your name which normally include water and sewer. As well if the home is in an association ownership will be transferred to you.
Title Company’s Closing Fee
This is the fee that the Title Company charges for preparing the closing documents and to actually facilitate the closing of the transaction. Paid at close
Title Insurance-Lenders Policy
This insures your Lender that they are lending on a property that is free from legal problems.
When you are ready to purchase, contact me at 215-757-7257 or TheSwainTeam@gmail.com. We will work with you to find you the home of your dreams for the best possible price!