Understanding Mortgagee Policy
When buying a home or securing a loan, the term “mortgagee policy” often comes up, especially when dealing with real estate transactions and insurance. A
When buying a home or securing a loan, the term “mortgagee policy” often comes up, especially when dealing with real estate transactions and insurance. A
The term “mortgagee” is critical in real estate and mortgage financing. Buyers and lenders must understand who the mortgagee is and how their position impacts
Mortgage insurance is a crucial aspect of home-buying for many, especially first-time buyers who may need a significant down payment. This article explains what mortgage
When describing real estate, “Metes and Bounds” is one of the oldest and most widely used methods. This system of land description has been in
A mechanic’s lien is a legal tool that contractors, subcontractors, and suppliers can use to secure payment for work performed or materials provided on a
In real estate, market value plays a pivotal role in determining the worth of properties. Understanding market value is essential whether buying, selling, refinancing, or
Provider and Settlement Service | Charge or Range of Charges |
---|---|
Sonic Realty LLC | 1%-6% of purchase price |
Sonic Title Agency, LLC |
Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.) Title Search Fee: $250 - $325 (where applicable) Closing Fee: $450 - $650 |
Sonic Loans Inc. This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing. |
Loan Origination Charge: 0-3 % of loan amount (may include 3rd party fees) Loan Discount Fee/points: 0.5%-6% of loan amount. Application/Processing Fee: $0.00 - $875.00 Flood and tax service: $0.00 - $95.00 Underwriting Fee: $0.00 - $1295.00 Document Review Fee: $0.00 - $400.00 Appraisal Fee: $0.00 - $850.00 Credit Report Fee: $0.00 - $135.00 Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing. |
Provider and Settlement Service | Charge or Range of Charges |
---|---|
Appraisal Fee | $0-$800 |
Credit Report Fee | $63-$125 |