Closing Costs

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  • Documentation Preparation - This is for the preparation of all of your application and/or closing documents. li>Title Insurance - Title insurance is a contract under which the policyholder is protected from losses arising from defects (forged documents, incompetent parties, incorrect marital statements, improperly delivered deeds, etc) in the title. The cost for title insurance is based on your mortgage amount and is paid once at closing for the life of the policy.

  • Recording Fees - There are a few documents that you sign at your closing which must be recorded with the county so they are always on public record.

  • Survey - A survey is an outline of your land and the location of any buildings, roads, driveways, etc. A survey is required on every property.

  • Escrow Waiver Fee - Most lenders charge a fee to waive escrows. Waiving escrows means that you will be responsible for paying your homeowners insurance and property taxes instead of providing for them in your mortgage payment every month.
    Waiving escrows might be an option if you are putting 20% or more down toward your new home or if you have at least 20% equity in your home when you are refinancing. A fee is charged because the lenders have to check each year to make sure you are paying your taxes and insurance.

  • Flood Certification Fee - Your lender requires a flood certification to verify whether or not your property lies in a flood zone that might require flood insurance.

  • Courier Fee - This may be charged if the Title Company, lender, or mortgage broker has to overnight express application or closing related documents or hand deliver documents to the county for recording purposes. Also may be charged for overnight delivery of your pay off on a refinance.

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