Cape Cod Real Estate
Homes & Communities
(508) 514-1430
Speak with a real estate professional about
mortgage and property information
Home | Blog | Contact
What Are Mortgage Closing Costs And Fees?
Cape Cod Closing Costs and Fees
There are many closing costs and fees when applying for a mortgage in Massachusetts, which is why Cape Cod lenders are required to verify any assets and income that a borrow has.
Assets and income for borrowers is in fact proof of available funds that a qualify Cape Cod borrower may have to cover these closing costs.
Closing costs do vary depending on program guidelines, area of the property and the property itself.
Closing Costs and Fees
Typical closing costs for a mortgage in Cape Cod may include the following:
- Origination Fees
- Discount Points
- Lender Fees
- Escrow Fees
- Credit Report Costs
- Title Insurance
- Courier Fees
- Wire Fees
- Mortgage and Deed Taxes along with recording costs.
These are all fees charged by Cape Cod lenders and third parties in Cape Cod. However, closing costs may vary depending on the area that you live in and the property that you choose to buy. New government regulations limit the amount of fees a borrower can be charged for specific loan programs.
Lenders are usually required by law to give you a “good faith estimate” (GFE) of closing costs within 3 days of a borrower applying for a loan.
Bottom line is, down payment on a mortgage is not the only cost that a borrower should take into consideration when applying for a mortgage, there are in fact many fees involved. However, depending on the lender and program guideline, some closing cost fee are negotiable, some programs may even allow for you to roll in the closing costs with the loan amount.
Third-Party Fees
A few third-party fees may pop up in the 800s section of the GFE: those for the appraisal, credit report and inspection.
The lender is supposed to pass along these charges without marking them up. In some cases, they are negotiable and you can ask the lender to help you search for good deals on some of these items and pass along the savings.
