California Loan Closing, Points & Fees

California Loan Closing, Points & Fees - Definitions

"Points" are percentage points, so 1 point is equal to 1% of the loan amount. Origination points are charged by the lender for evaluating, preparing, and submitting a proposed mortgage loan.

The application fee covers the lender’s cost to process the information on your loan. An appraisal fee is typically paid by the borrower to independently value the property in question, and usually costs a few hundred dollars.

It's important to understand that lenders incur legitimate costs to get your loan closed and these will be offset by one means or another. Those California lenders who promise a loan closing without points and fees will get the money in some other way. Claims like that are just a marketing technique.

If you deal with a company that offers to do your California loan closing for one very low fee, or for no points and fees, keep your eyes open and ask a lot of questions.

We will do our best to keep all points and fees to a very reasonable level.

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