Florida Mortgage Lender Blog & Real Estate News

The closing table can be a confusing place. You have what seems like mountains of paperwork pushed in front of you. You sign countless pages, often not completely understanding what is written. People often leave the closing on their Orlando real estate wondering if anyone took advantage of them.

When you understand the meanings of the words that are included in the closing paperwork, you’ll feel more secure about what you’re signing. To help you gain that knowledge, here are definitions for some of the most common lender fees included as part of closing costs when buying Orlando real estate.

  • Appraisal Fee: This covers the cost of the appraiser who assesses the property’s value.
  • Credit Report: Lenders check your credit history before approving you for a mortgage. This covers the cost of your credit report.
  • Discount Points: This fee lowers the interest rate on your loan. Each discount point costs 1% of your loan amount and reduces your interest rate for the life of your loan (usually by fractions of percentages).
  • Flood Certification: This is the cost of the automated service that tells the lender whether or not the property is located in a flood plain. If it is, it may require flood insurance.
  • Lender’s Inspection Fee: This fee usually applies to new construction. It covers the cost of inspections performed by the lender, but does not include pest inspections.
  • Mortgage Broker Fee: This fee covers any fees or commissions paid to the mortgage broker.
  • Mortgage Insurance Application Fee: Mortgage insurance protects the lender and pays a portion of your mortgage in case you die or default on your loan. This fee pays for mortgage insurance processing.
  • Processing Fee: The lender charges these fees to process and approve a mortgage.
  • Tax service fee: This fee covers the cost of the lender setting up your tax escrow and monitoring the payment of your property taxes.

Let us help you take the confusion out of closing costs. Call us today at 407-876-5771 for more information about lender fees for your Orlando real estate.

Posted by Real Estate - Associates on November 1st, 2010 12:15 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Orlando Homes for Sale image

Orlando Home Valuation image

Orlando Short Sales Foreclosure image

Access Florida Mortgages: We search Florida mortgage lenders to find the right Florida mortgage rates and best program for you. We find loans to purchase or refinance a house, debt consolidation, home improvement, 2nd mortgages, investment & commercial properties. Giving you peace of mind during the loan search process by doing all the legwork for you.

Florida Short Sale Center & Orlando Short Sale Center: offer homeowners a way to avoid foreclosure with a short sale and help save their credit.  We have a team of licensed Realtors and loss miitigation experts accross the entire state of florida who specialize in pre-foreclosures and the short sale of all types of property.

Florida Mortgage Loans & Programs Offered: New Home Purchases – First Time Home Buyer – Interest Only Loans – Second Mortgages – Jumbo Loans – Home Equity Loans – No Money Down Mortgages – Cash Out Refinancing – Debt Consolidation – Mortgage Refinancing – Home Improvement Loans – Home Loan Refinance – FHA Loans – Bad Credit Mortgage – Variable Mortgages – Commercial Mortgage – Home Mortgages – First Mortgages – Reverse Mortgage – No Documentation Loans – Low Documentation Loans – Foreign National Loans – Condo Hotel Loans – Investment Property Loans.

Florida Mortgage Statewide Metro Service Areas: Cape Coral – Fort Myers, Deltona – Daytona Beach – Ormond Beach, Fort Walton Beach – Crestview – Destin, Gainesville, Homosassa Springs, Jacksonville, Key West – Marathon, Lake City, Lakeland, Miami – Fort Lauderdale – Miami Beach, Naples – Marco Island, Ocala, Okeechobee, Orlando – Kissimmee, Palatka, Palm Bay – Melbourne - Titusville, Palm Coast, Panama City – Lynn Haven, Pensacola – Ferry Pass – Brent, Port St. Lucie – Fort Piece, Punta Gorda, Sarasota – Bradenton – Venice, Sebring, Tallahassee, Tampa – St. Petersburg – Clearwater, The Villages, Vero Beach, Wauchula


Access Florida Mortgages PO Box 692526 Orlando, FL 32869-2526
Phone: Fax:

Tell a Friend | Home | Our Blog

Copyright © 2012 Access Florida Mortgages
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map