Owning a house or any property comes with various costs, and buying a home with a mortgage is not any different and certainly comes with fees and charges. Even before you move in, the mortgage application process can come with a number of unexpected fees. The application itself can run anywhere from $300 to $500. Then there’s home inspection fees, appraisal fees, origination fees, and sometimes private mortgage insurance (when providing less than 20% down-payment) as well. Many of these things are tacked on in various parts of the process from the beginning to closing.

 How we treat applicable fees and charges varies when buying from any of our in-house providers as against qualified external providers.

WHEN BUYING FROM IN-HOUSE PROVIDERS:

 There are no upfront fees or cost when buying from any of our in-house providers. Any applicable fees and charges are only due at closing, or can even be added to the loan amount for repayment.

WHEN BUYING FROM EXTERNAL PROVIDERS:

 Upfront Search Fees apply when you are buying from an external provider. This is to enable us ascertain the veracity of submitted land title/deed and unencumbered status. We do the following searches and verifications when buying from a qualified external provider: Land Title / Deed (Ownership Verification), BoG Collateral Registry (Unencumbered), Court Registry Search (Non-Litigation).

We may also do the following verifications: Flood report on provide location, Earthquake-prone status, Building Permit, Contamination (Metals and other poisonous substances).

We always advise prospective borrowers to do these searches and verifications themselves being committing any fees to us carry out those due diligence processes, as those third-party fees are not refundable by those statutory bodies.

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