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    Question ID:   19556         Current Version: 1
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  

 
    Answer:
Some lenders have bundled most of their settlement costs into a single price. Generally, bundled arrangements combine the following fees:
  • application
  • origination
  • underwriting and processing
  • points
  • pest inspection
  • appraisal
  • credit reports
  • lender's attorney
  • flood certification
  • 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:

  • prepaid interest (based on the day of the month you settle)
  • mortgage and transfer taxes (determined by your state or local taxing agency)
  • private mortgage insurance (if needed)
  • homeowner's (hazard) insurance
  • flood insurance (if needed), and
  • reserve (or escrow) funds for property taxes and homeowner's insurance
Source: Federal Reserve Board
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    More Readings :
[QID:19523]    What are the types of mortgage loan settlement costs?  
[QID:19465]    What are the points of a mortgage loan?  
[QID:19481]    What is prepaid interest of a mortgage loan?  
[QID:19382]    Am I eligible to refinance?  
[QID:19381]    When is refinancing not a good idea?  
[QID:19367]    What is a mortgage loan prepayment penalty?  
[QID:19313]    How to shop for a mortgage?  
[QID:19522]    What are mortgage property survey costs?  
[QID:19505]    What is the mortgage flood determination fee?  
[QID:19504]    What is homeowner's insurance?  
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