Costs and fees of getting a loan

The costs and fees vary from one lender to another. All lending companies are required by law to disclose the estimated costs and fees in writing. This is known as the Good Faith Estimate and has to be followed by all legitimate business.

Some lenders also charge additional costs depending upon the state, loan product and the down payment amount.

It is recommended to shop for the loans before entering into any deal. Compare the costs before deciding for the final company. Check the agreement deed and see if all the terms and conditions have been itemized.