Mortgage Financing 1% or $950 closing fee

If you are a property owner and your Mortgage Financing is funded, you will be charged a percentage of the amount financed or $950 whichever is higher.

For example, if you take a Mortgage Financing for $100,000 to pay for your new home, you will be charged $1000. The 1% is charged at the time of underwriting. The fee can be financed in the loan.

Appraisal Fee

An appraisal fee is between $300 to $500 is paid directly to a qualified professional appraiser perform an appraisal of a property.

Investors use appraisals to confirm that the property they are financing is worth the amount of financing. Investor does not want to be stuck with a property less than what was financed at in case of the property owner default.

Property owner receives a copy of the appraisal once it's completed.

Application Withdrawal Fee

You may withdraw your application at any time up to the point when underwriting is completed at no cost to you. Broker and IRESE invested time and money to review and to verify your application. You will be charged a penalty to withdraw your application, which would be refunded, if you to re-submit within 3 business days. The fee to withdraw your application once it is underwritten is $300.

$15 failed payment fee

If a Mortgage Financing payment is unable to be made due to insufficient funds in your account, the closure, change or inaccessibility of your account without your having notified us, or for any other reason (other than an error by us), you'll be charged a fee of $15 for each check or bank draft returned or failed automated withdrawal. This fee is retained by IRESE.

Late payment fee

If your monthly payment is 15 days late, you'll be charged a late fee. Late fees are passed on to investors; IRESE does not retain late fees.

1% non-electronic funds transfer surcharge

Property owners who elect not to pay their Mortgage Financing payments through electronic funds transfer will receive a surcharge of 1.00% from the interest rate on Mortgage Financing.