There are a variety of fees incurred when buying a property. These are often called closing costs, but there are actually different types of fees that fall into that category. This blog provides a list of lender closing fees in New Hampshire.
Lender Closing Fees
Points are a way for borrowers to get a lower mortgage rate. It involves buying down the rate to obtain lower monthly payments for the term of the mortgage. This option may be useful for homeowners who need a smaller payment in order to qualify.
Origination fees are specific to a lender. It typically covers the mortgage company cost to complete the loan for a buyer.
An appraisal is required by a lender but generated by a third party. Appraisals confirm the value of a property and its condition. A mortgage will not obtain final approval without a satisfactory appraisal.
Tax Service Fee
Property taxes may be included in your recurring mortgage payment. The mortgage company obtains the funds from you each month and places it in an escrow account. When the tax is due, the necessary amount is taken from that escrow account. Many mortgage companies will require a one-time fee to establish this tax service.
Real estate located within a flood zone will require flood insurance. Lenders order a flood certificate to determine the status of a home. Flood certificates are always charged to the borrower.
Credit reports are how mortgage companies assess credit standing and applicable mortgage rates. There is a expense associated with pulling credit scores from the 3 major credit bureaus. Mortgage companies will generally pass on this expense to home buyers.
Additional Lender Closing Fees
The lender closing fees provided above are merely a few of the actual fees that may be imposed by your mortgage company. For a complete list of possible fees that you may be responsible for, or for help with other real estate or mortgage matters, contact Customer Service at Accurate Title by calling 800-639-4405 or emailing firstname.lastname@example.org.