Loan-origination rates and other fees for closing mortgages were observed to increase, according to a report published by USA Today on Monday, August 5.
According to the survey conducted by Bankrate.com last June, origination fees increased by 8 percent, while other fees were observed to increase by 1 percent. In explanation, publisher Guy Cecala said origination fees increased because interest rates are higher and lenders are looking to continue making a profit. On the other hand, Lending Tree CEO Doug Lebda said the increase in costs were due to more paper work being done by lenders.
Unfortunately, there may come a point when your mortgage becomes too much for you to pay. Learn about foreclosure defense options available to you in Cedar Rapids by speaking with the legal team from Hong Law, PLC, at (319) 294-5853. We can help you explore your options for escaping unmanageable debts.
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