There are several different types of settlement costs that you will come across when going through the closing process on your new home. These fees are costs that are assessed at settlement. It is important that you review the Good Faith Estimate, which is a list of the fees that apply to your loan transaction. If you have questions about the Good Faith Estimate it is important that talk to your mortgage banker so that you fully understand the costs involved. Below are a list of the mortgage and government fees that may be included in the settlement costs.
Mortgage Fees
- Loan origination fee
- Appraisal fee
- Application fee
- Mortgage insurance
- Homeowner’s insurance
- Survey firm fee
Federal, State, Local Government Fees
- Property taxes
- Transfer fees
Transferring Ownership Fees
- Title search
- Title insurance
- Attorney
- Escrow
- Courier
Keep in mind; all of these fees do not apply to every loan or circumstances. Your mortgage banker at First Ohio will prepare a fee worksheet, or a Good Faith Estimate, for you so that you are fully prepared before heading into your loan process.
