Here is a list of some of the third-party fees associated with a home purchase loan. This does not include other costs.
- Appraisal fee: A home appraisal must be done by a licensed appraiser from our appraisal management company to determine the value of the property. Once this is completed we will provide you the report for your records.
- Lender’s title insurance: This fee protects us as a lender against problems with the title of your property.
- More title fees: You will see small miscellaneous title fees charged by the title company of choice. These are charged by the title company for things such as document processing, wire fees and closing fee.
- Real estate transfer taxes: Local and state governments charge a transfer tax when real-estate is transferred or sold from one entity to another.
- Recording fees: A fee charged by your city or county to officially record the sale, so that is becomes a matter of public record.
- Settlement: This fee is paid to the settlement or escrow agent for coordinating the handling and disbursement of funds between the buyer and seller.
- Owner’s title insurance: It ensures you are protected if someone later makes a claim against the title of the property. Protects your financial investment in the home.