Fees can be broken into one or four categories:
Appraisal/ Credit Report Fees or Application Fee - These are fees paid to companies other than your lender for services necessary to obtain your loan. In addition, some lenders may have "application fees". If this is the case make sure this fee is either credited to you at closing or is used for your credit and appraisal report.
Loan Origination and Points - An origination fee or point is 1% of your loan amount. By converting these fees to actual dollars, you can get a truer cost comparison. Some lenders quote zero point loans but charge an origination or broker point. USA-Mortgage does not charge any origination points and YOU always choose whether you pay any other points.
Lender Charges - (i.e. underwriting, processing, document preparation, tax service, flood, etc.) These fees can vary significantly depending on your lender.
Title Fees - These fees are paid directly to a title company. These fees include; title insurance, recording fees, closing fee, survey, termite, and attorney fees if applicable.
Lastly, watch out for lenders playing the short lock-in game, where they are quoting you rates on a 15 day lock. If the lock expires prior to you closing on your mortgage, you lose your lock. At USA-Mortgage, we quote all of our rates on 30, 45, and 60 day locks, to allow you plenty of time to get your mortgage closed.
All USA Mortgage rate quotes are based on 30 day locks by default, but we do offer 15, 45, 60, and even 90 day locks as well. Please ask your loan officer for details. All USA Mortgage programs require you have the ability to document your income.