Application Fee:

Covers the cost of application and the appraisal (nonrefundable).

Attorney Fee:

Preparation of the paperwork. by our closing attorney.

Completion Inspection Fee:

Fee charged if the bank has to return to the property after the appraiser has been there to re-inspect.

Flood Certification Fee:

Life of loan certification to monitor changes in flood maps.

MGIC:

A company which writes insurance that protects the mortgage lender against loss in the event of borrower default. Private mortgage insurance is required if the loan-to-value (LTV) ratio is more than 80%.

Municipal Lien Certificate:

Provides amount of real estate taxes that are owed on the property.

Points:

Origination fee; represents one percent of the mortgage amount.

Recording Fee:

Fee to record required documents such as the mortgage and deed.

Tape Survey:

Shows the meets and bounds of the property; how the foundation sits on the property; if the property conforms to local zoning laws; and if the property is located in a flood zone.

Tax Related Service Fee:

A one time fee for the purpose of monitoring real estate tax payments.

Title Fee:

Actual title search; insures that the title is free and clear of all encumbrances.

Title Insurance:

Protection against possible title defects that could result in claims against your property.

Remember:

No required escrowing for Real Estate taxes and homeowners insurance means less money needed at loan closing for reserves.