When purchasing or refinancing a loan, you will have two types of costs involved with the transaction — Loan Fees and Closing Costs.

Loan Fees

Loan Fees are those fees associated with obtaining the mortgage and are paid to the lender as a cost of providing the mortgage.These fees can vary from lender to lender. Therefor, you should get a breakdown of the lender's loan fees for comparison before you make a final decision.

Closing Costs

Closing costs are the fees you will pay as part of a standard closing. These fees should not be affected by the lender providing your mortgage. Always review these costs with the attorney or title company representing your interests at the closing.

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