Who dictates the costs & fees on a traditional residential real estate mortgage loan? - ANDREWS MORTGAGE OF OCALA FLORIDA

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Who dictates the costs & fees on a traditional residential real estate mortgage loan?

Many fees associated with residential homeowner mortgage loans are not dictated by the mortgage company/Lender/Broker. In many cases they are mandated by local, state and federal law. For example the county recorders office will insist on assessing a percentage of the total loan that must be paid to the county to cover the cost in recording property transactions. Then there are the fees that must be paid to the title insurance company to do research to insure the title to the property is not clouded, that there is no litigation pending, etc. Another cost the mortgage company has no control over, is when a residential real estate purchase transaction cannot be 80/20 percent down payment. Mortgage insurance is then often required, the cost can be quite substantial. These are just a few of the costs which the funding company has no control over. Costs and fees for home equity second mortgage loans are generally similar to those of a traditional first mortgage, but usually less, and of course MUCH faster. Please ask us for details on the loan you have in mind. The federally mandated Good Faith Estimate you'll receive from us early on in the loan process (within 3 days of receiving your application package), spells them out clearly, and in specific detail.