Question: |
What is the "all-in-one" pricing of mortgage settlement costs? |
Category: |
Business & Finance > Renting & Real Estate |
Keywords: |
all-in-one, pricing, mortgage, loan, closing, settlement costs |
Type: |
what |
Rating: (0 ratings) Views: 12 Discussions: 0 In Watch Lists: 1 |
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Answer:
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Some lenders have bundled most of their settlement costs into a single price. Generally, bundled arrangements combine the following fees:
- application
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origination
- underwriting and processing
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points
- pest inspection
- appraisal
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credit reports
- lender's attorney
- flood certification
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title search and title insurance
- recording, and
- fees for other tax services
This "all-in-one" price, however, does not include all of the fees charged at settlement. You will also need funds for the following:
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prepaid interest (based on the day of the month you settle)
- mortgage and transfer taxes (determined by your state or local taxing agency)
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private mortgage insurance (if needed)
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homeowner's (hazard) insurance
- flood insurance (if needed), and
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reserve (or escrow) funds for property taxes and homeowner's insurance
Source: Federal Reserve Board
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What is the "all-in-one" pricing of mortgage settlement costs?
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