Refinance Mortgage, Lowest Mortgage Rates - ERATE
     Best Mortgage Rates Source for over 15 Years

Personalized Refinance Quotes
 
Rates & Fees HOME EQUITY
Home Equity Loans: Explaining Your Estimated Closing Costs
It is noteworthy that a high percentage of home equity lines closed do so at no cost. However some equity lines do have associated closing fees and most traditional second mortgages have closing costs. The closing fees for most second mortgages are dramatically smaller than that of first mortgages. The costs of closing home equity second mortgages could include the following: Title and escrow fees, lender fees, appraisal and credit fees.

Title & Escrow Fees
Title insurance protects both the buyer and lender by insuring a clear chain of title; that the persons with the legal right to convey title to the property are the ones who have actually done so. The escrow fee is a service fee charged by the Title Company for acting as an independent third party in facilitating the transaction and insuring that all parties have performed as agreed.

For loans of $200,000 and below, title companies offer what is referred to as a "flag" policy of title insurance which generally costs about $125. This type of policy guarantees the last recorded document conveying title to a property. The policy guarantee applies to documents appearing in the official public record of the County Recorder's Office. The escrow fee for all types of second mortgages is referred to as a "mini or sub" escrow fee and ranges between $225-$250.

Additional charges could include notary and recording fees along with the payoff fees on any existing second mortgages being paid at closing. These fees can range in total between $60-$150.
Lender Fees
The flat fee that a lender charges to process and fund your loan fall under a variety of names and can generally be lumped into one category the industry refers to as "garbage fees". They include underwriting, processing, administrative, document preparation and funding fees. The standard lender fee for second mortgages approximates $250.
Appraisal Fees
If a fee appraisal of your property is requested by the lender, the cost to inspect the property will depend on the type of property involved (i.e. single family vs. duplex to fourplex) and whether the property is owner occupied or an investment property. The typical fee for a standard owner occupied single family tract home, condominium or townhome appraisal is $300-$400.

Credit Fees
The fees to check your credit (using three credit bureaus) ranges from $25-$65 per person or per married couple. If your credit report has many inaccuracies on it, the costs to correct the errors could generate higher fees from the credit reporting company.


 
  Todays Rates
 


Insurance Fees
A policy of homeowner's or hazard insurance must be current and provide sufficient coverage at the time the loan closes.
Taxes
The lender will request that all delinquent or outstanding property taxes be paid at loan closing. Most counties require the payment of property taxes on a semi-annual basis. But if you happen to be closing a loan during the window of time where your property taxes are due but not yet delinquent, you may be required to pay the installment in escrow, prior to closing, because your property taxes are now a valid lien on the property.

It is important to note that if you do fall within the aforementioned window, you should not attempt to pay your property taxes outside of escrow because it could take the county weeks to post your property tax payment as received. Then you may be left in the position of having to pay your taxes a second time, in escrow, because the title company was unable to verify that the county received your first payment prior to closing (of course one of these payments would be refunded to you after closing once your property tax payments were both posted - but what a hassle). It is best to always consult with your loan coordinator or escrow officer before making a property tax payment during the escrow process.



Personalized Refinance Quotes
 
    Fannie Mae & Jumbo Mortgage Rates
    Just One Click!
= Current Rate Chart
Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachussetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California




Refinancing with No Points and No Fees (first mortgages)

Home Equity Line - Documentation

Home Equity Line vs Second Mortgage

Which Secondary Financing is best for me?

Home Equity Loans: Paychecks from your Home

Home Equity Loan Shopping: Tips and Types

Lower your monthly payments Debt Consolidation Calculator

The Federal Reserve Board on Home Equity Lines of Credit

Short Term Financing: HELOC vs Bridge Loan






Personalized Refinance Quotes
 


Most Current ERATE Financial Articles Mortgage Maze Connfuses Consumers New consumer finance bureau opens to criticism


Current Mortgage Rates by State

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana

Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska

Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio

Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah

Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming


 BBBOnLine Reliability Seal 

 Equal Housing Lender 
Advertise on ERATE
 HACKER SAFE certified sites prevent over 99.9% of hacker crime.
ERATE on Twitter  
Mortgage Rates   |  FHA   |  Current Rates  |  New Content   |   SITE MAP - IIIIII IV

Current Rates always easily available

Mortgage Rates & Credit Card Rates
via iPhone App


ERATE App FREE on iTunes
mortgage rates via iphone

Mortgage Rates & Credit Card
Rates via iPad App

  
iPad App by ERATE

The information contained on this website is provided as a supplemental educational resource. Readers having legal or tax questions are urged to obtain
advice from their professional legal or tax advisors. While the aforementioned information has been collected from a variety of sources deemed reliable,
it is not guaranteed and should be independently verified. ERATE does not fund or broker mortgages or loans.
Copyright ©1999-2010 ERATE - All rights reserved
ERATE · 2900 Gordon Ave · Santa Clara · CA · 95051
Get Today's Mortgage Rates
Get Today's Mortgage Rates
Get Today's Mortgage Rates

Get Today's Mortgage Rates

Free ERATE Mortgage Rates Widget





Recent Articles

iPad App by ERATE

iPad App by ERATE


Free ERATE Mortgage Rates Widget