What Are The TOTAL Lender Fees?

What Are The Total Lender Fees?

When purchasing a property with a loan, part of the Closing Costs are the loan fees, charged by the lender for issuing the loan. These may include, but are not limited to;

1.    POINTS – Or Loan Origination Fee. Points are usually a percentage of the total loan amount.

2.    LEGAL FEE – This is paid to the Lender’s Attorney for preparing and reviewing the legal documents for the loan.

3.    BACKGROUND REPORT and CREDIT REPORT FEE – This is the fee for obtaining the Borrower’s Background and Credit reports from the reporting agencies.

4.    WIRE FEE – The fee for wiring the funds to the closing.

Fees may differ by lender, and may also include Application, Processing, Underwriting, and sometimes a “just because” fee. While some are fixed amounts, others are a percentage of the total loan amount. When comparing loans, be sure to compare the TOTAL fees.