Mortgage Broker Fee: Only applicable if you use a mortgage broker rather than working directly with a lender.

Mortgage Underwriting Fee: Covers underwriting, closing and funding costs for your lender. This is typically where the lender makes their immediate profit from lending (as opposed to profit over time from interest). Note that brokers should not charge an underwriting fee, as they are not the ones underwriting your loan.

Prepaid Interest: The interest that accrues between closing time and the date of the first mortgage payment. This fee is paid to the lender at closing time. Close at the end of the month to reduce the amount of prepaid interest-this will also reduce the amount of cash you need to come up with at closing time.

Property Inspection Fees: Including general property and pest inspection. Property inspections protect both the buyer and the lender.

Survey Fee: The lender or title search company may require that the property be surveyed to determine the property's official boundaries, and ensure that they have been upheld.

Title Insurance: Taken out on a property to protect the buyer in case there are any unpaid mortgages or tax liens on the property that is overlooked during the title search. In the event that any title issues appear in the future, title insurance pays for legal costs and reimburses you for any other losses you incur.

Title Search Fee: A title search is carried out on the property to make sure the person selling it is the legal owner.

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