Closing Costs

In order to protect you, there are several steps involved with getting your loan application approved. Many of these steps include costs and fees.

When you apply for your actual mortgage, you will receive a good faith estimate containing accurate details regarding your specific closing costs and fees. Please review any questions you have about these costs with your 1st Metropolitan Mortgage Mortgage Banker prior to closing so everything goes smoothly on your closing date.

Mortgage Fees Description

 

Administration Fee

In some cases, this may be a "bundled fee" that usually includes a flood certification fee, a state residential fee (when applicable) and a tax service fee. When not bundled, these fees will be listed separately.

Application Fee

Fees that are paid upon mortgage application. In some cases, this may be a bundled fee (according to the state property is located in) that usually includes an appraisal fee and a credit report fee. When not bundled, these fees will be listed separately. An application fee frequently includes charges for property appraisal and a credit report.

Homeowner’s Insurance

At closing, most lenders require you to have proof of homeowner’s insurance, a policy which combines personal liability insurance and hazard insurance coverage for a dwelling and its contents. Generally, you will pay your initial premiums into escrow at closing. The amount will vary, depending on your policy and the value of your home.

Lender’s Closing Agent Fee

Costs for the lender’s closing agent to draw up documents, check to see that the title is clear, and represent the lender at the closing.

Origination Fee

 A fee charged by the lender to cover the cost to originate the loan.

Recording Fees

A fee for conveying the sale of a piece of property into the public record.

Survey

A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Underwriting Review

The process of verifying data and approving a loan.

 

Our Guarantee 1st Metropolitan Mortgage is absolutely committed to customer service. We promise to guide you through the mortgage process every step of the way. It’s not only our promise - It’s our guarantee.