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
- 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.