Your monthly payments go partly to repay your loan and partly to pay the fees for your loan, many of them relating to the closing or settlement. Most lenders require an up-front application fee to cover their expenses as they approve you. But, we dont. That's right - with us, it's free to apply! Additionally, lenders charge a loan origination fee. It's generally expressed as a single point (a point is defined as 1 percent of your loan amount). For example, if you were borrowing $100,000, your loan origination point would be $1,000 ($100,000 X 1%). The typical fees that cover the loan processing and closing are:

• Lender Fees
• Origination fee
• Appraisal fee
• Credit report Inspection fee (newly constructed homes only)
• Underwriting fee
• Document preparation/review fee
• Tax service fee
• Mortgage insurance
• Title charges
• Attorney's fees
• Title insurance
• Transfer tax (excludes refinances)
• Recording tax
• Miscellaneous charges
• Property survey
• Termite inspection
• Prepaid expenses (not part of the actual cost of the loan, but included with payment)
• Prepaid interest (interest that accrues between closing and the end of the closing month - paid in advance)
• Homeowner's insurance Real estate taxes