| In todays market when you are refinancing or | | | | charges to compile paperwork and submit the loan on |
| purchasing a new home the chances are you will be | | | | your behalf. Some companies charge this fee others |
| using a mortgage broker. In fact mortgage brokers | | | | do not. It is in most case a negotiable fee. |
| have become so popular that they now account for | | | | Appraisal- This is the amount that the appraiser will |
| over half of all home loans originated in the united | | | | collect for their services. This may sometimes be paid |
| states. However not all brokers are created equal and | | | | out side of the closing by the borrower. If it is the |
| neither are the mortgage broker fees they charge to | | | | amount charged will still show on the estimate but not |
| do your loan. | | | | be included in the total closing cost amount. |
| By knowing what fees are acceptable you will be able | | | | Title Fees-These are the fees the title company |
| to wade through the large pool off potential companies | | | | collects for closing the loan and doing the associated |
| and get the best deal on your next loan. Your loan | | | | title searches on your property. This is generally broken |
| officer should supply you with a good faith estimate | | | | down into closing fee, title fee and a courier fee if |
| within three days of applying for your mortgage. | | | | applicable. As a customer you can chose the title |
| Stated on this estimate are the fees that are being | | | | company to use so if you call around and find the best |
| charged to you. It is your responsibility as a borrower | | | | rates tell you loan officer where you want the title |
| to review this document and question any irregular | | | | work to be done. Do this before the loan process |
| fees or charges. | | | | begins though as to not make things difficult for your |
| Common Closing Fees | | | | mortgage broker. |
| Lender Fee-This is the fee the lender charges to | | | | Before deciding on any one lender you should get a |
| underwrite the loan | | | | good faith estimate from three reputable mortgage |
| Origination Fee- This is the amount that the mortgage | | | | companies and compare the fees being charged to |
| company is charging you for their services. | | | | originate and broker a loan. This will ensure you are |
| Processing- This is a fee the mortgage broker | | | | getting the best deal. |