APPRAISAL: An estimate of real estate value, usually issued to the standards of FHA, VA, FNMA. Recent comparable sales in the neighborhood are the most important factor in determining value.

ORIGINATION FEE: A fee charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.

POINTS or Loan Origination Fee, each point is 1% of loan amount.

INTEREST ON THE LOAN: Interest covering the period from closing date to the end of the month.

ATTORNEY'S FEE

SURVEY FEES: Lender or Title Insurance Company may require a registered survey or map showing the location of the house and the boundaries of the property as well as easements and rights of way.

RECORDING FEES: The buyer usually pays the fee for legally recording the new deed and mortgage.

HOMEOWNERS INSURANCE: Proof of current policy is necessary at the closing.

TITLE INSURANCE: An insurance policy which protects the insured (purchaser or lender) against loss arising from defects in title.

PRIVATE MORTGAGE INSURANCE (PMI): Insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default.

TERMITE INSPECTION

BUILDING INSPECTION

TAXES: Buyers portion of pre-paid property taxes.