Clear Fee Takes the Confusion Out of Pricing Your Loan
Baffled by all the charges and junk fees in a typical mortgage quote?
CenturyPoint's Clear Fee puts all your lender costs in one place. There are no separate charges for Discount Points or Origination Fees, and we don't load on the junk fees. We've also eliminated line-item charges for underwriting, credit reports, application fees and other miscellaneous fees. Your Clear Fee quote contains all of CenturyPoint's lender fees in one simple, bottom line number.
We also clearly quote estimates for all your third party fees, so you can have a good idea of what your total closing costs will be before you lock your loan. Once you lock, we'll guarantee that the Clear Fee quote won't change as long as your loan closes during the initial lock period.
What's Covered in the Clear Fee?
Your Clear Fee Quote covers all the items that are cosidered our cost of doing business. This includes:
- Application Fees
- Loan Processing
- Underwriting Charges
- Your credit report(s)
The Clear Fee also includes discount points (if any) to lower your rate and the origination fee to produce your loan.
What's Not Included?
The Clear Fee does not cover all the costs of closing your loan, just our lender fees. This is because items called "third party" fees are charged by other entities, like the title insurance company, and your state or local government. These fees should be pretty much the same from lender to lender. We list each third party fee separately on our rate quote, so you can easily compare the cost for each item.
Some things to look for in the "Third Party Fees" section of our rate quote include estimated costs for:
- Your Appraisal by a certified, independant appraiser
- Closing Fee - paid to the closing agent or attorney that handles your closing.
- Recording Fees - to record your mortgage note with the local government.
- A Survey - to ensure the property boundaries are accurate and identify any easements or encroachments.
- A Title Search - to make sure the title to the property is free from any liens or claims of ownership.
- Title Insurance - a lender policy to protect the lender from any future claims. (You may also purchase optional Owner's Title Insurance for an additional fee.)
- Courier Fees - or shipping fees to deliver your loan documents
Third party fees do change from time to time, and we do our best to provide current and accurate estimates of these costs. Because we do not control these fees, we cannot guaratee your third party fees when you lock your loan. Your Good Faith Estimate (GFE) shows our best estimate of these third party fees. When you are ready to close, you will receive a copy of your settlement statement showing the final costs for each item at closing.
