Has anybody ever told you about how easy and painless applying for a mortgage was? No? The reason is that it isn’t! In fact, the mortgage application can often be so daunting for many home buyers that they end up hiring a professional to take over the task.
And while this can be beneficial for these buyers, it just takes the right bit of knowledge to help make the process noticeably easier, such as what fees you can expect to encounter and budget for.
This article can help with three of the most common fees you can expect to encounter and, unfortunately, pay.
Before you have even had a chance to fire up your favorite property website and search for your dream home, you are hit with a fee! Known as an establishment fee, account creation fee, or simply a startup fee, this is a charge which is passed on to you from your broker or mortgage lender.
This fee covers all of the administrative costs associated with creating your account and assessing your application. For example, there are a number of security checks which need to be performed during the process which attracts a fee from their respective provider. These fees are, in turn, passed on to the applicant as an establishment fee.
Early Repayment Fees
Why is this one so close to the top? Because it’s the fee which has the …Read More