Mortgage Closing Costs – Watch Out For Junk Fees in Your Nonrecurring Charges

Louie Latour

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Nonrecurring closing costs are any fees associated with the settlement of your mortgage loan. These fees include payment for an appraisal, survey, and any other third party companies involved with your mortgage. The nonrecurring charges are frequently filled with mortgage company junk fees that can add up to thousands of dollars. Here are several tips to help you avoid paying unnecessary nonrecurring closing costs with your mortgage loan.

Nonrecurring closing costs area any settlement charge paid to your mortgage company, your appraiser, credit agency, attorney, Escrow Company, home inspector and Title Company. Your closing costs could also include home inspections, warranties and a survey of the property. Your mortgage lender will provide you an itemized estimate of all third part charges within three days of receiving your mortgage application; this list is referred to as the “Good Faith Estimate. ”

Remember that the Good Faith Estimate is just that, an estimate of closing costs associated with your statement. You should receive the HUD-1 settlement statement 24 hours before closing on the loan and have the opportunity to compare it with your Good Faith Estimate. If you find charges on the settlement statement that were not included in your Good Faith Estimate or have changed significantly, don’t be afraid to question your loan representative on the validity of these charges.

Mortgage companies and brokers frequently slip charges in the settlement statement hoping you won’t notice or have time to review the documents prior to closing. If you don’t go over the settlement statement with a fine-tooth comb prior to closing it will be too late to question any junk fees you’ve already paid.

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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: “Mortgage Refinancing - What You Need to Know, " which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit .

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