MortgageLineItemsCosts
Boy, I've seen all sorts of names. I'll try to describe many here. One terminolog issue - it might be better to call this "House Closing Fees" because many of the costs are not really to the mortgage company. Some are caused by the mortgage company, but not kept by them. Others are from third parties like the realtor. But I decided to keep them all bundled under this page because you'll see them all together, and the under the table kick-backs between agencies make them all inter changeable anyhow. For example, want to know why the realtor does what they do for free? They get a percentage of the mortgage origination fees.The only common thing about these fees are that they are all "due up front" or "cash on the barrel head" when you close the loan. Often time, part of them will be paid ahead of time as a deposit from you. That's an irrelevant distinction in my mind. They are still up front fees. Want to play more games? Some of these can be rolled into the capital value of the loan. You'll hardly feel it (just a few pennies a month spread over 30 years).
Some line items costs are taken by the mortgage company. Some are passed through to someone else by the closing agent or title company. Some go to the government. One of the most annoying things in my past was a $250 fee that nobody claimed they took! I insisted I get it back, but everybody said they didn't have it. Grrr... It took me weeks of untangling their paperwork mess trail to prove that the real estate agent kept the money. She never paid me back. Her franchising agency ended up sending me a check from the home office after I started getting public with my concerns.
One of the most refreshing things you'll ever experience is when you buy some property with no mortgage involved. Most of the costs you thought were part of the real estate transaction, really aren't!
(descriptions and more types coming as I have the time to document them)
Loan Origination Fees.
Flood Certifiation.
Prorated Taxes.
Tax Fees.
Title Registration Fees.
Insurance Fees.
Created by brian. Last Modification: Wednesday 11 of October, 2006 17:59:07 CDT by brian.