10 hidden costs of getting a home loan

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3. Lawyer fees

Some states and territories require a real estate attorney at the close of a property purchase. These locations include Alabama, Delaware, Florida, New York, West Virginia, and Washington DC.

In addition to preparing and verifying documents, lawyers can resolve legal issues that may arise when buying a home. Some lawyers charge $ 150 to $ 350 an hour, while others charge a flat rate of $ 500 to $ 2,000 to help with a real estate transaction.

4. Prepaid daily interest

This will cover any prorated interest on the mortgage that is expected to start from the closing date before your first monthly payment. The interest rate depends on the total loan amount and your mortgage rate.

5. Commission for granting a loan.

Loan processing fees, also known as underwriting fees, cover the lender’s administrative costs for preparing your mortgage documents and evaluating your application. It can also cover the costs of the lender’s lawyer and notary.

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