What are the common fees through the mortgage process?

Application Fee –  An application fee may frequently include charges for property appraisal and a credit report.

Appraisal Fee – A fee charged by an appraiser to render an opinion of market value as of a specific date. Required by most lenders to obtain a loan.

Processing Fee – This fee is paid at closing. The Processor is the person who handles all paperwork requirements in getting your loan approved. He/She obtains verifications from your bank, employer, and other sources.

Title Search and Insurance Fees – The fee related to a check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding and Title Insurance to protect the lender (lender’s policy) or the buyer (owner’s policy) against loss arising from disputes over ownership of a property.

Origination Fee – The fee charged by a lender to cover administrative costs incurred during the processing of the loan, often expressed as a percentage of the loan amount.

Recording Fees – Fees charged by the County Recorder’s Office for recordation of Deed, Mortgage or Deed of Trust, and, at times, additional documents requiring public notice.

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