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Closing Costs on a Mortgage
Closing Costs on a Mortgage
 
When a homebuyer, or homeowner looking to refinance, obtains a mortgage, there are always associated costs.  Even in the so-called "no cost" loan structures, trust me, you're paying something.  When a consumer does the research on what it will cost to get a loan, there are a few ways to categorize and better understand what's being charged.  Specific numbers will vary wildly depending on the nature of the transaction, the amount and where the settlement takes place.  A key takeaway of this article will be to differentiate between a "cost" and a "settlement charge."  They are not the same, and how they interact plays a large part in the total amount of cash a borrower ends up bringing to the closing table.  I have found that by using three broad categories, we can get a better sense of how things will play out, and as a result, feel less of a sense of shock about the total amount of any settlement.  Let's look at these "buckets" now:
 
Lender Costs and Fees
Most lenders will charge an "origination fee," and that cost is usually intended to cover their overhead.  What I see across the industry is that this fee will ... more

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