Jim Eaton – Blueprint Realty, Inc.

When you obtain a mortgage for a real estate purchase, you will be faced with a range of charges related to the loan. These are commonly referred to as closing costs, but there are different types of charges that fall into that classification. This article covers a list of lender closing charges in Franklin TN.

A List of Lender Closing Charges in Franklin TN

Discount Fees

Discount fees are a way for buyers to obtain a reduced mortgage rate. It involves buying down the rate to reduce recurring payments for the length of the mortgage. This option may be useful for homeowners who need a lower payment in order to qualify.

Origination Charge

Origination charges are lender specific. It normally covers the lender processing of the loan.

Appraisal Charge

An appraisal is required by a lender but completed by an independent professional. Appraisals calculate the market value of a home and its condition. A loan will not obtain approval without a satisfactory appraisal.

Tax Service Fees

Property taxes may be included in your monthly mortgage payment. The lender collects the funds from homeowners on a monthly basis and deposits it in an escrow account. When the tax invoice is due, funds are disbursed from that escrow account. Many lenders will charge a one-time fee for this service.

Flood Certificate

Homes in flood zones will require flood insurance. Lenders order a flood certificate to make that determination. Flood certificates are historically the financial responsibility of the home owner.

Credit Report

Credit reports are used to assess credit status and calculate interest rates. There is a cost for pulling credit scores from the credit bureaus. Mortgage companies will generally pass on this charge to the borrower.

Additional Lender Closing Charges

The lender closing charges detailed above are only sampling of the fees that can be billed by your lender. For a complete list of potential expenses that you will incur, or for assistance with other home buying or mortgage questions, contact at least one local lender.


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Jim Eaton - Blueprint Realty, Inc.