Know the numbers

There are several costs associated with securing financing. Here’s what to expect:

• Credit Report: Your lender will run your credit—typically under $50.
• Application Fee: Often a few hundred dollars, sometimes credited back at closing.
• APR: The annual percentage rate reflects the total cost of the loan, including fees.
• Points: Optional prepaid interest to reduce your rate, usually 0.25%–2% of the loan amount.
• Appraisal Fee: Usually $500–$700, depending on the property. This confirms the value for your lender.
• Miscellaneous Fees: May include notary, wire, and recording fees.
• Prepayment Penalties: Rare, but worth asking your lender about upfront.

Your lender will give you a full breakdown so there are no surprises, and we’ll walk you through anything that feels confusing.