{"id":41,"date":"2024-11-05T12:31:07","date_gmt":"2024-11-05T16:31:07","guid":{"rendered":"https:\/\/balancekimmortgage.com\/?page_id=41"},"modified":"2025-12-09T11:12:51","modified_gmt":"2025-12-09T15:12:51","slug":"fees","status":"publish","type":"page","link":"https:\/\/balancekimmortgage.com\/en\/fees\/","title":{"rendered":"About Fees"},"content":{"rendered":"

You can disregard the section written in Korean below and go directly to the Closing Disclosure. <\/p>\n\n\n\n

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\uc774 \uc2e0\ubb38\uc758 \ub0b4\uc6a9\uc744 \ubcf4\uba74 \ub9c8\uce58 \ub0b4\uc9c0 \uc54a\uc544\uc57c \ud560 \uc218\uc218\ub8cc\ub97c \uc5c4\uccad \ub0b4\ub294 \uac83 \uac19\uc740 \ub290\ub08c\uc774 \ub4ed\ub2c8\ub2e4. \uc544\ub9c8 \uc774 \uae30\uc790\uac00 \uc9d1\uc744 \uc0ac\ub294 \ud504\ub85c\uc138\uc2a4\ub97c \ud55c \ubc88\ub3c4 \uc9c4\ud589\ud574 \ubcf4\uc9c0 \uc54a\uc740 \uc0ac\ub78c\uc778 \uac83 \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n

\uc774 \uc544\ub798\ub294 \uc2e0\ubb38 \ub0b4\uc6a9\uc785\ub2c8\ub2e4. \uadf8\ub9ac\uace0 \uadf8 \uc544\ub798\uc5d0 \ubaa8\uae30\uc9c0 \uc218\uc218\ub8cc\uac00 \ub3c4\ub300\uccb4 \uc5bc\ub9c8\ub098 \ubd99\ub294\uc9c0 \uc774\ud574\ub97c \ub3d5\uae30 \uc704\ud574 \ub0b4\uac00 \ucc98\ub9ac\ud588\ub358 \ud55c \uac74\uc758 Closing Disclosure \uc989 \uc218\uc218\ub8cc \ucd1d\uc815\ub9ac\ub97c \uc62c\ub9bd\ub2c8\ub2e4. \ubcf4\ud1b5 \ud074\ub85c\uc9d5\uc774\ub780 \uacc4\uc57d\uc744 \uc2dc\uc791\ud574\uc11c \ub9c8\uc9c0\ub9c9 \uc21c\uac04 \uc0ac\uc778\ud558\uace0 \uc9d1 \ud0a4\ub97c \ub118\uaca8 \ubc1b\ub294 \uac83\uc744 \uc77c\uceeb\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"Mortgage<\/figure>\n\n\n\n
\"Mortgage<\/figure>\n\n\n\n
<\/div>\n\n\n\n

Closing Disclosure <\/h3>\n\n\n\n

You have a sample Closing Disclosure that shows how much you\u2019ve already paid and how much you will pay at closing. <\/p>\n\n\n\n

The first page shows who is buying a home from whom, the price of the home, the interest rate, the loan term, and the amount you will pay each month.<\/p>\n\n\n\n

According to the documents, the buyer purchased a $345,000 home with a $105,000 down payment and obtained a $240,000 mortgage at a 30\u2011year fixed rate of 8.25% (this was when interest rates were at their peak). The monthly principal and interest payment is $1,803.04, and when you add $551.61 for taxes and homeowners insurance, the total monthly payment becomes $2,345.65. The $970.61 shown below indicates the HOA fee because this is a condo. In other words, $970.61 minus $551.61 equals $419, which is the HOA fee.<\/p>\n\n\n\n

The Closing Costs of $13,130.83 at the bottom represent the total fees ($8,090 related to the loan and the rest for other expenses). The Cash to Close amount of $82,803.83 is the total amount you need to bring to the closing. <\/p>\n\n\n\n

\"cd\"<\/figure>\n\n\n\n

The second page shows a breakdown of how the amounts above were calculated. If you want to see the fees, this is the only page you need to look at.<\/p>\n\n\n\n

Loan Costs refers to fees that are specifically related to the loan itself. <\/p>\n\n\n\n

The first item, the Application Fee, is the fee you pay when applying for the loan. The Loan Origination Fee below it represents the points\u2014in this case, one point. If you don\u2019t want to pay this point, you don\u2019t have to, but the interest rate will be about 0.25% higher. So if you remove this amount, the actual loan\u2011related fee is the $2,290 Application Fee.<\/p>\n\n\n\n

The three items below are lender\u2011ordered services, meaning tasks we outsource to third\u2011party providers.<\/p>\n\n\n\n

First is the home appraisal. We order this from an appraisal company, and they determine the value of the property. <\/p>\n\n\n\n

The credit report fee is usually paid by us upfront or billed to you later. <\/p>\n\n\n\n

These are the tasks the lender handles directly or orders from outside providers. <\/p>\n\n\n\n

The items listed under \u2018Title\u2019 all relate to the legal aspects of the property. These are required for every home purchase. A title company\u2014usually recommended by your attorney\u2014handles these matters, and this company manages all explanations and documents at the final closing.<\/p>\n\n\n\n

Below that, you will find the \u2018Other Costs\u2019 section.<\/p>\n\n\n\n

E represents taxes, F is the prorated amount used to adjust the dates so the loan starts on the first day of the month (all mortgage loans are calculated from the first to the last day of the month). G covers insurance and taxes, and H includes attorney fees and other miscellaneous charges.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"cd\"<\/figure>\n\n\n\n

In conclusion, as you can see above, mortgage companies are not overcharging or adding junk fees. Every item is fully disclosed, and each one is explained at closing, so any attempt to overcharge would be immediately noticeable. <\/p>\n\n\n\n

In the past, things like this did happen from time to time, and that eventually led to the 2008 crisis. Since then, a licensing system has been implemented and strict regulations have been put in place, so you no longer need to worry about being hit with excessive or unfair fees. <\/p>","protected":false},"excerpt":{"rendered":"

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