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It is 100% free to apply for any type of home loan with Star Loan Services. Below is a breakdown of the fees and costs of home purchase mortgages. The fees associated with every loan are going to be different for each applicant. If you have any questions, contact us.

Monthly Payments
Consists of the principal and interest of your loan. In certain states, you can opt to have your insurance and taxes added into the monthly payments. In some states, insurance and taxes are mandated to be included as part of your monthly payments. When this is the case, the funds are placed in an escrow account by Star Loan Services.

You can also choose to have the 'closing costs' rolled into your monthly payments. Meaning, you can borrow with no 'out of pocket' expenses.


Loan Origination Fee
This fee is charged by all lenders. Loan Origination Fee is one percent of your loan amount, otherwise known as a single point. For example, if you are borrowing $200,000, your loan origination fee would be $200,000 x 1% - $2,0000.

Loan Processing Fees/Closing Costs
All of the fees listed below can be rolled into your monthly payments. These fees are going to vary, depending on the type of loan you apply for an how much you are borrowing.

Lender Fees
-- Origination fee - Starting of loan.
-- Appraisal fee - Getting price of house that is being purchased.
-- Credit report - Finding out your credit score. Learn how your credit score is computed.
-- Underwriting fee - Writing up your mortgage.
-- Document preparation/review fee - Getting all paperwork ready and making sure that all of the information listed is correct.
-- Tax service fee - Confirms the payment of real estate taxes.
-- Mortgage insurance/PMI - Protects Star Loan Services in case you fail to make your mortgage payments.

Title Fees
Attorney's fees
Title insurance - Protects the buyer from mistakes in the title.
Transfer tax (excludes refinances) - Taxes paid when title transfers from one owner to the next.
-- Recording tax - Fee paid to local government for filing your mortgage in public records.

Miscellaneous Fees
-- Property survey - Determines the boundaries of the property.
-- Termite inspection - Checks for the presence of termites.

Prepaid Fees (not part of the actual cost of the loan)
-- Prepaid interest - Interest that compiles from the date you close to the end of the month that you closed in.
-- Homeowner's insurance - Covers any damages that may have an affect on the value of  your home. Get more info on choosing the right homeowner's policy.
-- Real estate taxes - Property taxes set by your local government.

The closing costs of refinancing are similar to purchase loans.

When buying a home, it is important that understand how mortgage rate locks work.

Related Reading:
Buying vs. Renting
Your Credit Report and Your Mortgage
Cosigning Mortgages
Fair Market Value
Buyer's Market vs. Seller's Market?


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