Closing costs between lenders can vary greatly and often times be confusing to compare. We invite you to look at our rates and fees and compare them to other lenders.

If you find a rate lower than ours, be careful! Lenders often subsidize their rates by charging high closing fees or a Broker's Fee. Look out for fees like - Lock-in fee, Origination Fee, Reduction fee, Broker fee, Loan Submission fee, Document Preparation Fee, Courier Fee, Underwriting fee. Lenders might say 0 points, but hide the points by calling them other names! Don't be fooled!  

Check out our Mortgage Tips section by clicking the button on the left to find the questions you need to arm yourself with before you go mortgage shopping!

The following are the fees you will pay when you close your loan with LoanMax (These fees do NOT apply on No-Closing-Cost Loans)

1. APPRAISAL FEE - $375.00 to $425 (Single Family or Condominium) - $575 for Multi-Family properties

Appraisals are done by independent appraisers. You will receive a copy of the appraisal completed on your home.

2. Credit Report  - $75.00

3. LENDER FEES  - $646.00

These fees are paid to your new lender at the closing of your loan. These charges are often itemized by other lenders and brokers as underwriting fee, commitment fee, document preparation, tax service fee, Flood Zone Certification, MERS registration fee, wire transfer fee, etc. The list could continue because lenders tend to make up new names for "junk" fees every day.

4. Attorney / Settlement Agent Fee INCLUDING THE PROPERTY TITLE SEARCH  - $675.00 to $775.00

LoanMax works with a select number of  law firms and attorneys throughout Massachusetts to close your loan. Because of the volume of business we provide, they offer us reduced fees when closing your mortgage. We have seen quotes for attorney's fees including title search at some other lenders as high as $1,000! Please make sure whatever attorney or closing agent fee you are quoted INCLUDES the cost of the title search and all fees for tracking down discharges, wire fees, overnight mail fees, etc......

5. Title Insurance -  Purchase Loan = $2.50 per $1000.00 borrowed for Lender's coverage. Refinance Loan = $1.50 per $1000.00 borrowed for Lender's coverage. What is it? Click here to find out!

6. Survey / Plot Plan -   $125 to $150 (on a refinance loan - we may be able to obtain a survey affidavit form which will cost $75 or waive this altogether)

7. Recording Fees - $250 to $325

8. Certificate of Municipal Liens and recording CML - $90 - $115 (some cities and towns charge $50 vs: the standard $25)

9. Lock-in Fee - $ ZERO!  We do not charge a Lock-in Fee

Prepaid Items
(These Do apply on No-Closing-Cost Loans)

Borrowers are required to prepay the following and put taxes and insurance into an escrow account. These fees are usually industry-standard practices and do not vary greatly between lender.

• Two or Three months' real estate tax escrow 
• For purchase loans - 1 year Homeowners Insurance paid to your insurance company prior to or at closing on purchase transactions. (Typically not applicable on refinances or condominiums)
• 2 month's homeowners insurance to escrow (Typically not applicable on condominiums)
• Prepaid interest which varies depending on the day of the month you close