Closing Costs
Lender Fees
These are the closing costs that are paid to the mortgage company or bank. These fees vary widely from one lender to another and can affect rates dramatically. Lenders often advertise low rates but have high costs associated with lender fees. Be sure to check when shopping. Lender fees can also be broken down into three categories.
Below are the Fees charged by Augusta Mortgage. Remember we have NO HIDDEN FEES! Other lenders often charge much higher fees! At Augusta Mortgage these fees may be reduced or eliminated by accepting a slightly higher rate. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan. Call 1-800-860-4714 for details.
Appraisal Fee – $450-$600
Appraisals are conducted by independent appraisers but are ordered by the mortgage company. Although costs of appraisals vary depending on state and county, Augusta Mortgage has negotiated some of the lowest appraisal fees in the nation and passes them on to our customers. Call us at 1-800-860-4714 for the most accurate quote in your area.
Lender Charges
These charges are often itemized by other lenders. Fees such as origination, underwriting, processing fee, document preparation, courier, loan submission fee, wire transfer fee, lock-in fee, etc. The list could continue because lenders tend to make up new names for fees everyday. At Augusta Mortgage we have no “Junk Fees” or Hidden Cost.”
Settlement Agent / Title Company Fees
The lender does not control these fees. They are actually performed by a separate company that you, the consumer, have the right to choose. Settlement agent and title company fees vary greatly both between each other as well as by city, county, and state. Augusta Mortgage encourages you to consult with your local settlement companies to get the most accurate assessment of these closing costs. Augusta Mortgage recommends that you shop for the best deal on settlement charges just like you do for a mortgage. The fees paid to the Settlement/Title Company often include the following items and vary by state and company:
- Estimated Costs
- Prepaid Items
On loan amounts in excess of 80% of value, Borrowers are required to pay the following and put taxes and insurance in escrow. These fees are usually industry standard practices and do not vary greatly between lenders:
- 4-6 months real estate tax escrow
- 1 Year homeowners insurance paid at closing
- 3 months homeowner insurance for escrow
- Interim interest (per diem interest from date of closing thru end of closing month)
