Check out our Mortgage Tips section
by clicking the button on the left 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 (These fees do NOT apply on No-Closing-Cost Loans)
1. APPRAISAL FEE - $375.00 to $425 (Single Family or Condominium) - $575 for Multi-Family properties
Appraisals are done by independent appraisers. You will receive a copy of the appraisal completed on your home.
2. Credit Report - $75.00
3. LENDER FEES - $646.00
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, commitment fee, document preparation, tax service fee, Flood Zone Certification, MERS registration fee, wire transfer fee, etc. The list could continue because lenders tend to make up new names for "junk" fees every day.
4. Attorney / Settlement Agent Fee INCLUDING THE PROPERTY TITLE SEARCH - $675.00 to $775.00
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 and all fees for tracking down discharges, wire fees, overnight mail fees, etc......
5. Title Insurance -
Purchase Loan =
$2.50 per $1000.00 borrowed for Lender's coverage. Refinance Loan =
$1.50 per $1000.00 borrowed for Lender's coverage. What is it? Click
here to find out!
6. Survey / Plot Plan - $125 to $150 (on a refinance loan - we may be able to obtain a survey affidavit form which will cost $75 or waive this altogether)
7. Recording Fees - $250 to $325
8. Certificate of Municipal Liens and recording CML - $90 - $115 (some cities and towns charge $50 vs: the standard $25)
9. Lock-in Fee - $ ZERO! We do not charge a Lock-in Fee
(These Do apply on No-Closing-Cost Loans)
Borrowers are required to prepay the following and put taxes and insurance into an escrow account. 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!
Licensed Massachusetts Mortgage Broker # MB 1319
NMLS Company ID # 1601 NMLS Individual Broker I.D. # 3788