Mortgage Broker

Nonrecurring closing costs are any fees associated with the settlement of your mortgage loan. These fees include payment for a particular appraisal, survey, including any other third party companies involved with your mortgage. The nonrecurring charges are frequently filled with mortgage company junk fees that might add up to thousands of dollars. Here are several tips to help you avoid paying unnecessary nonrecurring closing costs with your mortgage loan.

Nonrecurring closing costs area any settlement charge paid to your mortgage company, your appraiser, credit agency, attorney, Escrow Company, home inspector including Title Company. Your closing costs could additionally include home inspections, warranties including a survey pertaining to the property. Your mortgage lender could provide you a particular itemized estimate of all third part charges within 3 days of receiving your mortgage application; the list is referred to as the “Good Faith Estimate.”

Remember that the Good Faith Estimate is just that, a particular estimate of closing costs associated with your statement. You should receive the HUD-1 settlement statement 24 hours before closing on the loan including have the opportunity to compare it with your Good Faith Estimate. If you find charges on the settlement statement that were not included in your Good Faith Estimate or have changed significantly, don’t be afraid to question your loan representative on the validity of these charges.

Mortgage companies including brokers frequently slip charges in the settlement statement hoping you won’t notice or have time to review the documents prior to closing. If you don’t go over the settlement statement with a fine-tooth comb prior to closing it could be too late to question any junk fees you’ve already paid.

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Mortgage Closing Costs

Written By: Louie_Latour