Settlement Costs for Residential Loans Loan-Level Rate & Price Adjustment (LLPA). Fees are not in your Settlement Costs. They are included in our best rates. Interest Rate. You receive our best rate. If you wish a lower rate, additional fees (Discount Points) would apply. Rate Lock. Fee is not in your Settlement Costs. A 30 day lock is included in our best rates. Most lenders allow a one-time extension, up to 15 days, at an additional cost. Escrow Impound Account Waiver Fee. 0.25% of the loan amount. Fee is not in your Settlement Costs. If chosen, the fee is included in your rate. Most lenders do not charge this fee, on loans in California, if the LTV is below 89.9%. FHA Upfront Mortgage Insurance Premium (UMIP). 2.25% of the loan amount. This fee is included in your financed amount. Lender Administration Fee. Average is $995.00 Vesting in a Trust or Corporation. $200.00 Additional Settlement Fees to be Determined. Per-diem interest (we calculate 10 days in our best rates APR), recording fees, city, county & state governmental fees. Other services requested by borrower. Broker Credit Report Fee. $27.50 Lender Flood Certificate Fee. $16.50 Lender MERS Fee. $6.95 Lender Tax Service Fee. $80.00 Broker Fee. 1. $300,000 to $1,000,000. Not to exceed 1.00% of the loan amount. 2. $1,000,001 to $5,000,000 & Construction Loans are Case-by-Case. Loan Processing Fee. Greater of $895.00 or 0.10% of loan amount, not to exceed $1,295.00. Our loan processors have acquired expertise to diligently manage complex files, along with the ability to professionally interact with our borrowers, lenders and escrow. A well-manged and well articulated file allows for a smoother and faster funding, without unnecessary delays, assuming prompt borrower response to fulfilling underwriting conditions. Appraisal Fees. When we order your appraisal you will be required to pay in advance with your credit card or by check directly to the appraiser upon arrival. On a single family owner-occupied residence this may be from $385.00 to $625.00, depending on the appraisal management company, appraiser, property type, value and size. Most lenders require 2 appraisals from different firms on loans over $1,000,000 and a few require 2 on loans over $850,000. Additional fees on investment property are case-by-case. On a purchase transaction, if you intend to convert your vacated residence into a rental property or 2nd home, a full appraisal may also be required on the vacated property, to verify your equity position. Note: When an appraisal is questionable in the "eyes" of the underwriter a drive-by, field review, desk-review or second appraisal may be required. They may or may not charge a fee. If they do, these are typical range of fees: Drive-by Fee from $165.00 to $300.00. Field Review Fee from $250.00 to $300.00. Desk Review Fee from $150.00 to $200.00. Typically, these fees are required to be paid prior to being performed. HOA Fee. Property located in a Planned Unit Development (PUD) or Condominium Project require a Home Owners Association (HOA) Certification. The typical fee is $350.00. You pay the HOA directly. Verification of Deposits (VOD) Fees. We will need to document your past two to three months bank / financial statements and last quarterly statements on investment and retirement accounts. This is required to verify your Assets, source of Purchase Monies and required PITI Reserves. Some financial institutions require a VOD to be received via a 900 fax line. In these cases, you will be billed for these 900 numbers on you telephone bill. Fees vary upon the amount of accounts involved. In some cases, fees may amount to over $100.00. Verification of Employment (VOE) Fee(s). We will need to document your past two years of employment. Some Employer's HR Departments no longer release this information directly to us. This information must be purchased through The Work Number®. If your Employer(s) is on this list, you must contact their HR Department for your Employee Number in order to receive your transcripts. The fee, about $30.00 per employer. This is paid directly to them. Escrow & Title Fees on Refinance Transactions. Fees are based on type of transaction, property type, city, county and loan amount. Fees for our preferred Escrow & Title Policy, when we order your Escrow, are provided on the following link: Refinance Escrow & Title Policy. Escrow & Title Fees on Purchase Transactions. The Seller or Seller's Agent will be responsible for ordering your Escrow & Title Policy. Purchase monies and related purchase transaction fees are case-by-case. They are not known to us until we are notified. Their Escrow Fees and their Title Policy Fee may be a few to several hundred dollars more than the fees in the previous link.
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