Mortgage Loan Closing Costs

Loan Origination Fee: Usually 1% of the loan

1. Loan Discount Points: A form of accelerated interest; each point is 1% of the loan amount (who pays points is negotiable between buyer and seller)
2. Appraisal Fee: The charge to have a professional appraiser certify the value of the property being purchased
3. Credit Report: The cost of getting a credit history from a credit service
4. Tax Service Fee, Document Preparation Fee: Charges to set up a tax escrow account and prepare mortgage documents
5. Attorney Fees: The settlement agent's charges for processing the sale closing;
6. Title Insurance: Charges for insurance to guarantee the validity of the property's title for the lender; buyers can also purchase title insurance at settlement to protect their interests
7. Recording Fees, Tax Stamps: Local charges to officially record the deed and mortgage, and transfer taxes
8. Survey: The charge to verify the boundaries of the property being purchased