Costs Vary

Closing costs will vary between lenders. At Eagle River Mortgage we invite you to inquire about our rates and fees, and compare them to other lenders. With multiple lending sources in our database to shop from, we can offer the best rates in the country and we encourage you to find out for yourself. The key to comparing closing costs is to break them down into three separate categories of charges:

Lender Fees

These are the closing costs that are paid to the actual Lender. These fees vary widely from one lender to another and can affect rates dramatically. Lenders often advertise low rates but have high costs associated with lender fees, be sure to check when shopping. Lender fees can be broken down into categories:

Listed below are the Fees generally charged by Eagle River Mortgage. At Eagle River Mortgage these fees may be reduced or eliminated by accepting a slightly higher rate.

1. Appraisal fee - $750 - $20,000
   
   Appraisals are done by independent fee appraisers, but are ordered by Eagle River Mortgage. Although costs of appraisals vary depending on state and property type, Eagle River Mortgage is committed to negotiating the lowest appraisal fee through our established relationships with commercial appraisers.
   
   
2. Credit Report -$18 per borrowing entity
   
   
3. Third party fees
   
   Depending on the type of loan and location of the real estate, there may be a fee for an environmental report, a fee for a seismic report and possibly legal reports.

Title Company's Settlement Fees

The lender does not charge these fees. These services are actually performed by separate companies. Eagle River Mortgage has established working relationships with several Nationally based Title Companies. Because we close loans in many states, it is important to us to work with a title company with a demonstrated ability to do the necessary title work and loan closings in a competent and timely manner. Our Title Companies are both industry leaders and companies that we know we can work with to close your loan well within your time parameters. Because we order the title work for you, you don't have to spend time looking for a closing company or mediating between the lender and title company. We coordinate everything for you! Settlement agent and title company fees can vary greatly by City, County, and State. Eagle River Mortgage encourages you to consult with a loan consultant to get the most accurate assessment of these closing costs. The fees paid to the Settlement - Title Company often include the following items:

Suggestion: If you are refinancing, many Title companies can offer a discount or "re-issue" rate on title insurance regardless of the company that issued your title insurance policy on your current mortgage.

Estimated Costs:

• Title Insurance - $.80 - $2.50 per $1,000 borrowed
• Title Search - $350 - $5,000
• Attorney/Closing fee - $500 - $5,000
• Transfer Tax - Varies
• Recording Fees - Varies
• Survey - Between $250 - $5,000 (May be required in some states)

Prepaid Items

Borrowers are required to prepay the following. These fees are usually industry standard practices and do not vary greatly between lender.

• Last two (2) years signed personal Federal Tax returns - including all schedules.
• If self-employed through a corporation, last two (2) years Federal corporate returns as well as a Year-To-Date Profit and Loss Statement and Balance Sheet.