Anything else I’m paying for when I’m buying or refinancing?
Yes. In addition to your title premium, you will be paying for extra coverages for your lender called “endorsements”. Like your premium, these charges are set by the state, but their inclusion is at the discretion of your lender. Typically, the cost for these endorsements on a standard, fixed-rate residential mortgage is $150, but may be more if your loan has an adjustable rate, if your property is a condominium, co-op or PUD or if you have a negative amortization feature to your loan. Your lender also requires our underwriters to issue a “Closing Protection Letter” to them, which states that we (The Abstract Company) are an agent in good standing and will abide by the terms of the lender. Currently the fee for the closing protection letter is $75.00. You will also be paying for recording fees, transfer taxes, notary charges and any fees for certifications for real estate taxes or use-and-occupancy certifications and overnight delivery of loan payoffs or lender’s packages.
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