South Carolina Mortgages & Home Loans - SC Mortgage / South Carolina Real Estate - SC Real Estate

(A good broker will shop appraisers or have a list of first choice appraisers that they do repeat business with.  They can also get a good idea of value before the appraisal is done to be certain the numbers merit the efforts of refinance.)

Some of the other closing costs in getting a loan  may include:

• The application fee, covering the lender's cost to process your application.
• A fee for a search of the public record of ownership of your property.
• A title insurance policy, which protects the lender for any loss due to a discrepancy in the title. (You may be able to have your settlement company reissue your current title policy at a reissue rate, saving you some of the cost to have this service performed.)
• An appraisal fee (as mentioned above.)
• A new survey of your property to confirm that no changes to the land or physical structures have been made that would affect its potential sale. This is only required if the current survey is more than 10 years old typically.
• A loan origination fee, which covers the lender's work in evaluating, shopping and processing your loan. It is usually expressed as a percentage of your loan.
• A Broker fee, the fee charged by the broker house to offer their services and bargaining position to you for obtaining a good loan package.
• Processing fees
• Pre-payment on Insurance and/or taxes, depending on requirements of the lender.
• Attorney fees (for recording title, handling of closing, etc.)
• Other fees, depending on the type of mortgage refinancing you are seeking, may include a VA loan guarantee, FHA mortgage insurance, or private mortgage insurance

These fees are summarized in a Good Faith Estimate that the broker must send you before the loan process takes place. This Good Faith Estimate is included in the “RESPAS”, or the paperwork required in your state to be signed before the process proceeds. Good Faith Estimates are just that…Estimates. But they can be a starting point on understanding the total fees associated with the costs of your loan.

 Again, because these fees are included in the loan, the costs usually are minimal compared to the benefits of the loan, such as obtaining a lower rate, lowering term time or debt consolidation. Some of the fees listed can be negotiated, but most are standard.