You shouldn't have to pay any origination fees in a mortgage that is worth having. Ask for a ';Par quote'; which is Zero points and Zero origination fees. A decent buyer's agent can and will take the time to explain this whole process to you. If they won't do that, you need a different agent.What are the cost involved with getting a mortgage?
The major ones are these:
- Points. Basically a form of pre-paid interest.
- Escrow fee. Somebody gets paid to do the paperwork.
- Title insurance. There will be two separate title policies involved: one to protect your title, and one to protect the lender's interest.
- Recording fees. Relatively small, this pays the county to make your documents part of the public record.
- Document transmittal fees. Pays for moving documents from place to place.
- Prepaid taxes and fire insurance. You will pay a portion of the property taxes, pro-rated by time.
- Nuisance charges. Some people will tack on ';funding fees'; and other such, especially if a loan broker was involved. Ask about these.
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