mortgage ratesMortgage Rates (currently 4.72% on 30yr fixed) are an important element in determining the monthly payments on a home loan. Our handy Mortgage Loan Calculator can break it down for you. Mortgage rates may not include the following fees that you will most likely encounter when financing or refinancing a mortgage.

  • An application fee charged by your lender for the costs of processing your loan request and checking your credit report.
  • Title Search and Title Insurance is charged for examining the public record to confirm ownership of the real estate, and for an insurance policy, usually issued by a title insurance company, that insures you for a loss caused by discrepancies in the title to the property.

Average costs:

  • Application Fee $75 to $300
  • Appraisal Fee $150 to $400
  • Survey Costs $125 to $300
  • Homeowner’s Hazard Insurance $300 to $600
  • Lender’s Attorney’s Review Fees $75 to $200
  • Title Search/Title Insurance $450 to $600
  • Home Inspection Fees $175 to $350
  • Loan Origination Fees 1% of loan
  • Mortgage Insurance 0.5% to 1.0%
  • Points 1% to 3%

A homeowner should expect to pay an average of 3 to 6 percent of the outstanding principal when refinancing, plus any prepayment penalties and the costs of paying off any second mortgages that may exist.

Remember, always compare the mortgage rates of at least four lenders and negotiate for the best deal. Let the lenders know that you are shopping and ask them to meet or beat your best offer.

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