I was just shopping around for condos just to get an idea, price-wise and what not and when I went to the mortgage rates section… it gives me monthly mortgage amount PLUS a different amount called “Fees”.
I don’t quite understand this. If i’m not mistaken, when you buy a house or a condo, it goes something like this:
Let’s say the home costs $ 150,000. You pay a down payment of $ 30,000 to start off with, and you take out a fixed rate mortgage loan of $ 120,000. All you would have to pay from that point on would be the monthly mortgage amount plus the maintenance of the home. So where do “Fees” come in? Is it possible to get a mortgage loan without fees?
Ok I see. So those fees are one-time only fees that you pay when you *first* obtain the mortgage, am I correct?