Title Insurance Company Home Title Insurance Company Home
Title Insurance Company Home About Title Insurance Company Contact Title Insurance Company
The smart way to shop for title insurance!
      
 Call Title Insurance Company
Live chat by SightMax

 

Refinance Course Tutorial
Starting with YOU and ending with YOUR HOME follow the path to your closing by simply clicking on the processes and fees you want to learn about.

Closing University Course - MCS
Closing University Course - mySelf Closing University Course - my Home
Closing University Course - my Lender


My Lender
my Lender
  The Process The Fees
  Application Application Fee
  Appraisal Appraisal Fee
  Commitment Loan Origination Fee or Points
  Clear Conditions Rate Lock-in or Commitment Fee
  Homeowners Insurance Other Lender Fees
  Closing Fee (if not an MCS closing)


The Process

  Application page top
  Your lender is required to provide you with a Good Faith Estimate and Disclosures package within three days of your completed application.

  Appraisal page top
  An appraisal is a documented estimate of the subject property’s value by establishing a comparison with recent sales of comparable properties in the same local geographic area, usually within a half-mile radius. This is required by the lender and is used by the loan underwriter in determining the loan amount and other approval factors.

  Commitment page top
  When the loan is approved the lender will issue a Commitment Letter stating the terms of the approval and any additional information needed or conditions that are required to be met.

  Clear Conditions page top
  The Commitment Letter will have conditions that need to be met in order to close on the loan. An example might be additional information such as bank statements or tax returns as well as a Title Report that is clear to close.

  Homeowners Insurance page top
  The lender will require that the Homeowner's policy name the lender in what is called the Mortgagee Clause. Discuss with your lender if the premium will be escrowed along with your mortgage payment.


The Fees

My Lender & Mortgage Broker Fees is designed to help track and manage the costs associated with getting a mortgage or financing for a purchase or refinance transaction. These costs will include all fees required by the lender, bank and/or the mortgage broker. The objective is to capture all the costs associated with the loan, which may require some items to be grouped together as detailed below.

  Application Fee page top
  Check the Good Faith Estimate or ask your lender, bank or mortgage broker if there is an application fee. An application fee is often charged upfront at the time of application. Sometimes this fee is called a processing fee. If the loan has both a processing fee and an application fee combine the charges in this column.

  Appraisal Fee page top
  An appraisal is a documented estimate of the subject property’s value by establishing a comparison with recent sales of comparable properties in the same local geographic area, usually within a half-mile radius. This is required by the lender and is used by the loan underwriter in determining the loan amount and other approval factors. The appraisal fee is often charged at the time the appraisal is done and may be required to be paid directly to the appraisal company.

  Loan Origination Fee or Points page top
  This fee is usually expressed as a percentage of the mortgage loan amount. The loan origination fee or "points" can be compensation to the mortgage lender or broker. Points can also be prepaid interest used to lower the rate by "paying down" some of the interest charges in advance. Points used to "pay down" the rate will sometimes be referred to as “Discount Points.”

  Rate Lock-in or Commitment Fee page top
  In a fluctuating interest rate environment lenders may charge a rate-lock or commitment fee in order to guarantee the loan interest rate for a fixed period of time, anywhere from 15-90 days. The rate-lock has an expiration date and may not be refundable, so it’s important to know an understand the terms before paying a rate-lock fee.

  Other Lender Fees page top
  Lenders and mortgage brokers may charge numerous additional fees in the process of obtaining a loan. These may include a flood certificate fee, a tax service fee and a credit report fee for compiling a detailed credit history and payment profile. The Good Faith Estimate or the lender/broker representative should provide a listing of these fees which can be combined in this column.

  Closing Fee (if not an MCS closing) page top
  MyClosingSPACE.com can act as the Settlement Agent representing both the lender and the Title Company in the transaction. MyClosingSPACE.com charges a single flat rate fee of $299 (closing services in NJ are $300 due to state regulations) for all the settlement services, handled professionally and at the convenience of the client. If the lender has a charge listed for settlement services with another provider, the fee can be entered in this column.














































Copyright myClosingSPACE.com Title Insurance & Closing Services                               Title Insurance   |   Careers   |   Site Map   |   Privacy Policy   |   v 4.6c