A List Of Lender Closing Charges In Waltham MA

When you obtain a loan for a property purchase, you will incur various expenses related to the mortgage. These are normally called closing costs, but there actually include varying types of fees that fall into that classification. This article summarizes a list of lender closing charges in Waltham MA.

Lender Closing Charges

Discount Fees

Discount fees are a way for buyers to get a reduced mortgage rate. It involves paying interest up-front to reduce monthly payments for the length of the loan. This option may be helpful for buyers who require a smaller payment in order to qualify.

Origination Fee

Origination fees are set by individual companies. It usually covers the cost to produce financing for a home buyer.

Appraisal Charge

An appraisal is required by a lender but performed by an appraiser. Appraisals confirm the market value of a property and its condition. A mortgage will not be given final approval until an appraisal is received, reviewed, and approved

Tax Service Fees

Real estate taxes are typically part of your monthly mortgage payment. The mortgage company collects a specific amount from homeowners each month and places it into an escrow account. When the tax payment is due, payment is made from that escrow account. Many mortgage companies will require a one-time fee for this service.

Flood Certificate

Real estate in flood zones must have flood insurance. Mortgage companies order a flood certificate to identify flood zone status. Flood certificates are historically billed to the borrower.

Credit Report

Credit reports are used to determine credit standing and calculate interest rates. There is a cost for pulling credit reports from the 3 major credit bureaus. Lenders will frequently pass on this expense to home buyers.

Additional Lender Closing Charges

The lender closing charges provided above are merely sampling of the fees that will be imposed by your financing company. For a detailed list of possible fees that you may be responsible for, or for assistance with other home buying or mortgage topics, contact Jeanne Umbrello at Wal-Lex Realty by calling (781) 894-4321 or emailing jeanneumbrello@hotmail.com.