DON'T BE STUNG BY UNEXPECTED FEES
One of the most common errors I have seen borrowers make is not considering the various fees they will end up paying in figuring on the final cost of a home. Let's take a look at what you can expect.
LOAN APPLICATION FEE: This is what the lender charges you for applying. It is not refundable, even if you are refused.
APPRAISAL FEE: This flat fee is usually charged by the perspective lender to pay an independent appraiser to inspect the home and estimate its fair market value. This fee is also non-refundable whether or not your loan goes through.
LOAN ORGINATION FEE: This charge, which covers the lender's administration costs, can either be a flat amount or a percentage of the loan amount. It is paid in cash at closing.
Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate
(618) 355-5824
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Labels: loan application appraisal
# posted by
Bryan Vogt @ 10:34 AM
