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Frequently Asked Questions About the Mortgage Process

What can I expect my costs to be for getting a mortgage?

There are a number of costs associated with applying for and closing on a mortgage besides the house payment. To begin with, there is a fee charged by the lender to obtain a credit report and conduct a formal appraisal of the property. This can range from between $350 and $500. Costs associated with the closing can (but not always) include the following:

  • Origination fees
  • Processing and underwriting fees
  • Attorney's fees
  • Title insurance fees
  • Surveys
  • Costs for recording documents, prepayments of real estate taxes and insurance premiums held by the lender. The seller will sometimes help the buyer pay some of these costs.

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