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Lender Fees Worksheet for a Mortgage
The Lender Fees Worksheet provides a detailed breakdown of the upfront closing costs and expenses associated with a mortgage. The Lender Fees Worksheet also includes estimated total monthly housing expense including your mortgage payment, property taxes, homeowner's insurance and other applicable housing-related expenses. You should ask for the Lender Fees Worksheet when you submit your loan application or request a mortgage proposal. By law, the lender is not required to provide you with a Lender Fees Worksheet, but will likely provide it to you if you ask.
The Lender Fees Worksheet complements the Loan Estimate that the lender is legally required to provide by law within three days of submitting a mortgage application. The Loan Estimate also provides a detailed breakdown of mortgage costs (on page two) but the two documents may contain different information so it can be helpful to review both when selecting a lender for your mortgage.
The following mortgage fees are typically included on the worksheet:
- Lender charges, also known as origination charges, including the underwriting fee, wire transfer fee and administration fee
- Fees for other services ordered or purchased by the lender including the appraisal report, credit report, tax service and flood certification fees
- Closing or escrow fees paid to the settlement agent or closing attorney
- Document preparation fee charged by the settlement agent
- Notary fee
- Title insurance fee
- Courier fees (if applicable)
- Electronic document delivery fee
- Termite inspection report fee (if applicable)
- Home inspection report fee (if applicable)
- Mortgage recording charges
- Daily interest charges (from the date your loan closes until the end of the month)
- Homeowners insurance premium
You can use the Lender Fees Worksheet to perform a detailed review of mortgage closing costs and to compare costs across different lender proposals. For example, one lender may charge lender fees of $1,200 while another lender charges lender fees of $995. Or one lender may charge an appraisal fee of $600 while another lender may only charge $500. You can use the information you gather from the Lender Fees Worksheet to negotiate specific cost items and reduce your overall mortgage closing costs.
- UseMORTGAGE CLOSING COSTS CALCULATOR to review estimated closing costs
Unlike the Loan Estimate, which is three pages in length, the Lender Fees Worksheet is usually only one page, so some borrowers may find it easier to use. Despite being shorter in length, the worksheet may provide more granular information than the Loan Estimate. Because the Lender Fees Worksheet is not a legal document; however, there may be some variation in layout or information for multiple lenders. Despite potential minor differences in presentation, the cost items outlined in the document should be relatively consistent across lenders, which makes the Lender Fees Worksheet an informative comparison resource for mortgage shoppers.
The table below outlines mortgage terms including lender fees. We always recommend that borrowers contact multiple lenders to find the best loan terms including the lowest mortgage rate and costs. Shopping for your mortgage and comparing proposals is the best way to save money on closing fees.
Watch our Lender Fees Worksheet Video to understand the information provided by this important document
Sources
"Determining Costs." My Home by Freddie Mac. Freddie Mac, 2018. Web.
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