Home Equity Loan Fees
Home equity loan fees are one or more relatively small fees associated with the financing of a home equity loan. The fees are incurred when a homeowner chooses to refinance the equity in their home and serve to cover the administrative costs associated with processing the loan.
Types of Home Equity Loan Fees
Several different fee types exist and one or more of these can apply during the refinance of a loan. They include, but are not limited to:
- Appraisal Fees - These serve to cover the cost of the assessor of the accurate remaining equity in the house
- Closing Fees - These cover the expenses of filing the paperwork hiring appropriate officials necessary for a legal closing of the loan
- Surveyor/Conveyor or Valuation Fees - These serve to cover the cost of a surveyor's assessment of the property, sometimes a legal necessity for the loan's approval
- Title and Stamp Fees - These fees are the necessary paperwork filing costs for the home title and associated ownership documents
When Fees Apply
To find out more information about which fees apply in your state and in your particular refinance situation, discuss your situation with a qualified and respected home loan servicer.