Clearwater loan
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Talking about your mortgage: Application fee
Imposed by your lender or broker, this charge covers the initial costs of processing your loan request and checking your credit report.
Estimatedcost: $75 to $300, including the cost of the credit report for each applicant
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Mortgage Terms Defined:Transaction,
settlement, or closing costs may include application fees; title examination,
abstract of title, title insurance, and property survey fees; fees for preparing
deeds, mortgages, and settlement documents; attorneys' fees; recording fees;
and notary, appraisal, and credit report fees. Under the Real Estate Settlement
Procedures Act, the borrower receives a good faith estimate of closing costs
at the time of application or within three days of application. The good faith
estimate lists each expected cost either as an amount or a range.
Talking about your mortgage: Lender-required home inspection fees
The lender may require a termite inspection and an analysis of the structural
condition of the property by an engineer or consultant. In rural areas, lenders
may require a septic system test and a water test to make sure the well and
water system will maintain an adequate supply of water for the house (this is
usually a test for quantity, not for water quality; your county health department
may require a water quality test as well, but this test may be paid for outside
of the settlement). Keep in mind that this inspection is for the benefit of
the lender; you may want to request your own inspection to make sure the property
is in good condition.
Estimated costs: $175 to $350
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