The closing costs associated with purchasing or refinancing a home can really add up, but we don’t believe it has to be that way. At MortgageDepot, we’ve reduced our underwriting fee to only $399 instead of the $1,500 charged by some lenders and brokers offering mortgage financing.
Closing costs, those expenses borrowers pay to obtain mortgage financing, include:
- Points: A point is usually 1 percent of the principal balance paid at closing to reduce the rate of interest on the loan.
- Appraisal fee: Payment to a professional who does an appraisal to determine a property’s current value, so the lender will know how much it can lend.
- Document preparation: Lenders charge a fee for the preparation of the promissory note, mortgage and other documents required to close on the loan.
There are other closing costs charged by lenders, so borrowers need to be careful when shopping for a mortgage.
Reducing the underwriting fee to $399 is only one of the ways we are working to make mortgage financing affordable. Find out more about what MortgageDepot is doing for our borrowers by calling us today at (800) 535-0720 to speak with a mortgage broker.