Del Norte Credit Union - Borrow - Real Estate Loan Center

Closing Costs

These are the costs to complete the processing of your loan request. The majority of these fees are for third party services rendered. The following reflect normal closing costs and an explanation of why they are required.

Origination Fee - A fee charged by DNCU to originate the loan. This fee is 1% of the loan amount.
Appraisal Fee - An appraisal establishes the value of the property for the bank to use as security on the loan. This fee is paid to a licensed and state certified appraiser.
Credit Report - The credit report is used to determine the borrower's credit history and reflects the ability to repay the debt. This fee is paid to Equifax Mortgage Solutions.
Tax Service Fee - This is a one time fee at closing used to validate the payment of property taxes in a timely manner for the life of the loan. This fee is paid to FIS Tax Service.
Flood Certification Fee - Per Federal Regulations, all properties must be certified that they are not in a FEMA designated 100 Year Flood Plain. If so, flood insurance must be purchased. This fee is paid to First American Flood Data Service.
Document preparation fee - The fee to cover the costs of preparation of final legal papers, such as, mortgage, deed, and note.
Prepaid Interest - The amount of interest due and collected from the date of your mortgage closing to the end of the month.
Recording Fees -The costs to record the deed and mortgage; thus perfecting a lien on the property.
Title Insurance Binder - Prepared statement summarizing commitments for insurance of clear vested title. Exceptions to clear title may also be denoted in this binder. Title Insurance is required to protect you against loss resulting from claims (liens or encumbrances) by others against your property.
Title Insurance - A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search. The cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller.
Settlement or Closing Fee - A fee paid to the Title Company for administering your loan closing.
Courier Fee - Fees charged to cover the cost of delivering final documents and returning signed closing documents to us.
Survey - Fee paid for a drawing indicating the legal boundaries of a property.

These costs will be outlined in your Good Faith Estimate at time of application.