Flurry of Fees
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In recent years, homeowners have been inundated with unexpected “junk” fees at the close of escrow when refinancing or buying a home. Here are a few such fees that appear to be relatively common and what consumer experts believe they mean:
* Document preparation: Someone typed, copied and collated your loan application.
* Appraisal review: A bank employee read the appraisal report, which you also paid for separately, to be sure that your house is worth more than the loan amount.
* Credit report review: A bank employee read your credit report, which you also probably paid for separately, to determine that you’re not a deadbeat.
* Application fee: You paid for the privilege of applying for a loan.
* Overnight mail: Although some overnight mail charges are legitimate, consumers should be wary of fees that have no relation to the actual cost of an overnight package. The cost of sending a rush Federal Express letter from Los Angeles to New York amounts to $15. But some lenders mark up this service to $50 or $75.
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