Shopping Around for Your New Home Mortgage Loan
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How do you determine the cost of a mortgage loan?
Most buyers concentrate only on interest rates associated with their loan. However, it's best to consider at all the costs associated with a mortgage loan. Mortgage loans include the quoted interest rate, points and closing costs.
A number of fees are a part of your mortgage loan, including the following:
Appraisal - A carefully documented opinion of value by a licensed, professional appraiser.
Credit Report - A detailed report of your credit, employment and residence history prepared by a credit bureau.
Principal - The amount owed on a mortgage which does not include interest or other fees.
Document Fees, Loan Fees and Processing Fees - Miscellaneous fees charged by the lender.
Discount Points - Points paid in addition to the loan origination fee to get a lower interest rate. (1 point = 1 percent of loan amount)
Origination Points - the total number of points paid by the borrower at closing. (1 point = 1 percent of loan amount)
Interest Rate - A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.
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