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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Good Faith Estimate of all Closing Costs in Mortgage Loan Applications

(April 4th, 2007)

Your debt lender is required to provide you with a good faith estimate of all the closing costs you will have to pay for within 3 days of your initial mortgage or other loan application.

Here is a list of the type of fees you will have to incur upon closing of your mortgage loan application:

  • Buyer & Lender Attorney Fees
  • Mortgage application fees
  • Property appraisal fees
  • Mortgage broker's commissions
  • Lender Inspection fee
  • Underwriting fee
  • Mortgage Insurance Premiums (charged if your down payment is less than 20% of the value of your home)
  • Closing settlement fee
  • Notary fees
  • Title search fee
  • Credit report inspection fees
  • Interest charged from the day of mortgage settlement to the date of first payment
  • Property taxes from the day of mortgage settlement to tax year end

Since closing costs take up about 3-5% of the mortgage loan's total value, you should wait until you receive a Good Faith Estimate of all closing costs, before signing the mortgage loan application. It's also smart to receive Good Faith Estimates from various debt lenders, then compare and choose the best one. Now you may not understand some of the closing fees listed above. We will try to describe a few.

Title Insurance

Title insurance checks for any liens (claims) put against the property you are just about to acquire as well as for any legal errors, fraud, forgery, divorce rulings & missing inheritances. You do not want to purchase a property against which a bank has put forth a lien now do you? This is why title insurance is very important. Title Insurance ensures that the buyer is protected against any of these misfortunes.

Here is a table of the type of closing fees charged, as well as their related amounts for a $50,000 loan, $100,000 loan as well as a $150,000 loan.

Type of Closing Fee Fee for $50,000 Loan Fee for $100,000 Loan Fee for $200,000 Loan
Buyer's Attorney Fees $400 - $700 $1200 - $1500 $1500 - $3000
Transfer of Taxes $75 - $1125 $75 - $1125 $75 - $1125
Recording Fees $40 - $60 $75 - $150 $100 - $200
Survey $125 - $400 $125 - $400 $125 - $400
Inspection $175 - $300 $175 - $300 $175 - $300
HomeOwner Insurance $300 - $600 $500 - $800 $700 - $1000
Property Appraisal $150 - $400 $150 - $400 $150 - $400
Lender's Attorney Fees $150 - $400 $150 - $400 $150 - $400
Title Search & Insurance $450 - $600 $450 - $600 $450 - $600
1-3% Points $500 - $1500 $1000 - $3000 $2000 - $6000
Loan Origination $500 $1000 $2000
Initial Loan Application & Credit Report Fee $75 - $300 $75 - $400 $75 - $400
Escrow Taxes Deposit $100 - $800 $100 - $2400 $100 - $3000
Partial Month Interest Charges $20 - $400 $50 - $1200 $100 - $2400