There are many different types of fees associated with purchasing real estate. These are typically called closing costs, but there actually include varying types of fees. This blog provides common lender closing charges in New Hampshire.
Lender Closing Charges
Discount fees are a method for buyers to obtain a discounted mortgage rate. It entails buying down the rate to lower payments for the life of the mortgage. This option can be important for homeowners who need a smaller payment to qualify.
Origination charges are lender specific. It usually covers the lender processing of the mortgage.
An appraisal is required by a mortgage company but generated by an appraiser. Appraisals confirm the market value of the real estate and its condition. A loan will not be given final approval without a acceptable appraisal
Tax Service Fees
Property taxes may be part of your monthly mortgage payment. The mortgage company collects the funds from you on a monthly basis and deposits it into an escrow account. When the tax payment is payable, funds are disbursed from the escrow account. Many lenders will charge a one-time fee for this service.
Properties in flood zones will require flood insurance. Mortgage companies request a flood certificate to make that determination. Flood certificates are historically the financial responsibility of the home owner.
Credit reports are used to evaluate credit status and calculate interest rates. There is an expense associated with requesting credit reports from the credit bureaus. Mortgage companies will frequently pass on this fee to the borrower.
Additional Lender Closing Charges
The lender closing charges detailed in this blog are merely sampling of the charges that can be imposed by your mortgage company. For a detailed list of possible fees that you may be responsible for, or for help with other real estate or financing needs, contact Donna DuFour at Accurate Title by calling 800-639-4405 or emailing firstname.lastname@example.org.