CLOSING COSTS
Closing costs between lenders can vary greatly and often times be confusing to compare. At LoanMax we invite you to look at our rates and fees and compare them to other lenders. We believe that we have the best rates in Massachusetts and we encourage you to find out for yourself. If you find a rate lower than ours, be careful! Lenders often subsidize their rates by charging high closing fees or a Broker's Fee. Look out for fees like - Lock-in fee, Origination Fee, Reduction fee, Broker fee, Loan Submission fee, Document Preparation Fee, Courier Fee, Underwriting fee. Lenders might say 0 points, but hide the points by calling them silly names! Don't be fooled!
By the way, you'll never pay a Broker's Fee at LoanMax!
Check out our Mortgage Tips section
by clicking the button on the tool bar below to find the questions you need to arm yourself
with before you go mortgage shopping!
The following are the fees you will pay when you close your loan with LoanMax
1. APPRAISAL FEE -
$275.00 (Single Family or
Condominium - $475 for Multi-Family properties)
Appraisals are done by independent appraisers but are ordered by LoanMax. You will receive a copy of the appraisal completed on your home. We collect the cost of the appraisal and credit report, upfront, when you apply for your mortgage.
2. Credit Report - $20.00
3. LENDER FEES - $500.00 - $590.00
These fees are paid to your new lender at the closing of your loan. These charges are often itemized by other lenders and brokers as underwriting fee, processing fee, document preparation, tax service fees, courier, loan submission fee, wire transfer fee, lock-in fee, FedEx, etc. The list could continue because lenders tend to make up new names for junk fees every day.
4. Attorney / Settlement Agent Fee INCLUDING TITLE SEARCH - $550.00
LoanMax works with a select number of law firms and attorneys throughout Massachusetts to close your loan. Because of the volume of business we provide, they offer us reduced fees when closing your mortgage. We have seen quotes for attorney's fees including title search at some other lenders as high as $1,000! Please make sure whatever attorney or closing agent fee you are quoted INCLUDES the cost of the title search....
5. Title Insurance -
$2.50 per $1000.00 borrowed for Lender's coverage. What is it? Click
here to find out!
6. Survey / Plot Plan -
$125 to $140 (on a refinance
loan - we may be able to obtain a survey affidavit form which
will cost $50-75)
7. Recording Fees -
$250 to $325 NEW Mass.
Registry fees in effect March 15, 2003!
8. Certificate of Municipal Liens - $65
9. Lock-in Fee - $ ZERO! We do not charge a Lock-in Fee
Prepaid Items
Borrowers are required to prepay the following and put taxes and insurance in escrow. These fees are usually industry-standard practices and do not vary greatly between lender.
If you find a lender with lower fees....GET IT GUARANTEED IN WRITING!
Want a Breakdown of the closing costs for YOUR loan? E-MAIL us with the amount of the mortgage you'd like and we'll e-mail it right back to you. Click HERE!
Massachusetts Mortgage Broker License # MB 1319