Contact Info

Call Me backinfo@directlender.com

More Mortgage Terms

Mortgage Application Fee: This covers the initial mortgage costs of processing your mortgage loan application and checking your credit.

Mortgage Appraisal Fee: An appraisal provides an estimate or opinion of your property's value.

Mortgage Title Search and Title Insurance: A Title Search examines the public record to discover if any other party claims ownership of the property. Title Insurance covers you if any discrepancies arise in ownership. (A reissue of the title can save 70% over the cost of a new policy.)

Mortgage Lender's Attorney's Review Fees: In any mortgage financial transaction of this scope, a lawyer's participation ensures that the lender isn't legally vulnerable. This fee is passed on to you.

Mortgage Loan Origination Fees: This is the cost of evaluating and preparing a mortgage loan.

Mortgage Points: These are basically finance charges you pay the lender. One point equals 1% of the loan amount (for example, one point on a $75,000 loan is $750). The total number of points a lender charges depends on market conditions and the loan's interest rate.

Mortgage Prepayment Penalty: Some mortgages require the borrower to pay a penalty if the mortgage is paid off before a certain time. FHA and VA loans, issued by the government, are forbidden to charge prepayment penalties.

Mortgage Miscellaneous: Other fees may include costs for a VA loan guarantee, FHA mortgage insurance, private mortgage insurance, credit checks, inspections and other fees and taxes.

How to Save Money Refinancing Your Mortgage:

• Research all mortgage costs and mortgage fees.
• Don't be afraid to negotiate with your mortgage lender.
• Shop around for the lowest mortgage rates.
• Check with your current mortgage lender for lower mortgage rates with costs that are reduced or waived.