Information About Fees and Closing Costs

Application Fees

Residential Finance Network does not charge any application fees except for the cost of an appraisal.

Residential Finance Network does not charge you for the cost of a credit report, which can run anywhere from $10 to $60 at most mortgage companies. We also will not collect for this fee at closing, so you truly are not paying for the cost of a credit report. It is important to us that you become fully comfortable with the on-line mortgage application process, so we do not want you to incur any expense until you know your loan is approved. Once approved, your only expense before closing is for an appraisal.

Once the credit portion of your loan application has been approved, we will order an appraisal after obtaining your approval from an independent appraisal company in your area. Because the appraiser will be from your area, you can be assured of receiving an accurate value estimate for your home.

You will be required to pay the appraiser directly for the cost of the appraisal. The appraisal fee is the only non-refundable fee that you will incur, and the actual fee ranges from $150 to $700 depending on the type of property and your local market. Most single family home appraisals are $300 or less.

Closing Costs

Mortgage-related closing costs are detailed for the rate and point options that you choose under the "Today's Rates" section. Because fees are slightly different depending on the program and the mortgage lendig institution, we suggest that you choose a rate and point option for the program you are seeking, select "Costs," then print out the exact list of mortgage-related closing costs. Residential Finance Network will guarantee that your total costs will be no more than what your print out states. If there is any discrepancy, we will refund the difference.