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Lender Fees Worksheet for a Mortgage

Lender Fees Worksheet for a Mortgage

  • Lender Fees Worksheet Overview
  • 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.

  • FREEandCLEAR Mortgage Instructional Video

    Watch our "Lender Fees Worksheet" overview video

  • 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.

  • CalculatorUse our MORTGAGE 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.

  • Rate Details*
    Loan Program:  
    Monthly Payment:  
    APR:  
    Rate:  
    Points  More Info:
    Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
     
    Total Lender Fees:  
    Loan type:  
    Property Value:  
    Loan to Value:  
    Credit Rating:  
    Date Submitted:  
    Monthly Housing Payments
    P & I More Info
    Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
    Mortgage Insurance More Info
    Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
    (Estimated)
    Property Tax More Info
    Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
    (Estimated)
    Homeowner Insurance More Info
    Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
    (Estimated)
    Homeowner Association Fee More Info
    Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
    (If Any)
    Total Monthly Housing Payments
    Lender Fees
    Points More Info
    Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
    Origination Fee More Info
    Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
    Credit Report Fee More Info
    Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
    Tax Service Fee More Info
    Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
    Processing Fee More Info
    Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
    Underwriting Fee More Info
    Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
    Wire Transfer Fee More Info
    Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
    (If Any)
    FHA Upfront Premium More Info
    FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
    (If any)
    VA funding Fee (If any)
    Flood Fee
    Other Fees More Info

    Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

    The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

    Total Lender Fees
    *Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
    Current Mortgage Rates as of December 11, 2018
    • Lender
    • APR
    • Loan Type
    • Rate
    • Payment
    • Fees
    • Contact
    Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
  • Sources

    Mortgage Fees: http://myhome.freddiemac.com/refinance/costs.html

About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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