Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

What Are All These Fees?

3 min read
Paper house next to stacks of coins

Ready to talk to an expert?

Find A Location Get In Touch

If you’re a first-time homebuyer, you might be surprised to discover all of the settlement costs—sometimes called closing costs—that you will have to pay to complete your transaction. You expected that buying a home would mean paying principal, home insurance, taxes, interest, and maybe mortgage insurance. But what are all these other fees you’re getting hit with on closing day? Don’t get caught off guard! Here’s an explanation of some of the fees you might pay to become a member of the property-owners’ club.

Credit Report Fee

Lenders use a credit report to determine how much of a risk it will be to lend money to you, and therefore, how much they should charge for you the loan.

Flood Certification Fee

It’s important to determine if your home is in an area prone to flooding.

Government Recording and Transfer Charges

The cost of legally filing the records of the deed and mortgage. Depending on your agreement, you or the seller may pay this cost.

Lender Inspection Fee

Your lender may also want to conduct an inspection, especially if the construction is new.

Origination Fee

This is the lender’s fee for making the loan. Origination services include the processing, underwriting, and funding of the loan.

Pest Inspection Fee

Lenders frequently require a home inspection for termites or other pest infestations. You may want to get this even if it’s not required.

Settlement/Closing Agent Fee

The fee paid to whomever handles the closing, be it a settlement agent, closing agent, attorney, or title agent. This person handles legal documents, fee payments, real estate taxes, and other transactional details.

Survey Fee

The survey is a drawing of the property that shows property lines, structures, and any encroachments. It may not always be required by the lender, but it’s still useful information to have. In some cases, you may be able to save money by getting an update of a previous survey.

Title Service and Insurance Fees

First, a lender must verify who actually owns the property and whether there are any liens on the property (claims from creditors that can impede the sale of the home). Then the title insurance company issues title insurance, promising legal protection and payment for court fees should any claims against the property arise. Note that a lender’s title insurance does not protect you—you’ll need owner’s title insurance for that.

Tax Service Fee

Borrowers pay this fee to lenders to cover the cost of a third party that handles the payment of property tax bills. This ensures tax payments are timely and prevents tax liens. For a personal explanation of what to expect during closing day and throughout the overall home buying process, contact a mortgage professional at First Bank today for a free consultation.

Adapted from the US Department of Housing and Urban Development’s settlement cost booklet, “Shopping for Your Home Loan”, updated 8/17/2010.

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

First Bank Card With a First Bank card, you can feel confident that you are obtaining a bank card that is secure and convenient. Are you one of the 194 million people who already have a debit card? Get the most out of your card today with First Bank. Many Benefits of a First Bank Debit Card When you open a First Bank checking account, you can receive our First Bank MasterCard® personal debit card. It is accepted at millions of locations worldwide and thousands of ATMs across the country, and comes with free online banking, making it easy to view and track your purchases whenever you want. In addition, you get: Credit card access benefits — Enjoy 24-hour access to your account and the ability to manage your account online, download credit statements, and pay your bill online**. Security Benefits — Enjoy security benefits such as: Zero liability: Pay only for authorized purchases. MasterCard SecureCode: Enjoy protection from fraudulent use of your card information online. ID theft alerts: Reduce your risk of identity theft with this service that constantly monitors websites and chatrooms. You’ll be alerted immediately should we detect any evidence of your information being traded or sold online. Convenience Benefits — Enjoy convenience benefits such as: MasterCard Global Service®: This benefit provides you with 24-hour service for lost or stolen cards, account information, emergency cash advances, and more 365 days a year. Mobile Wallet: A quick and easy way to use your First Bank debit card on the go with most smartphones. Shopping Benefits — Enjoy shopping benefits like: Price protection: If you find an item that was recently purchased with your eligible MasterCard® for a lower price, you may be reimbursed for the price difference. Extended warranty: Most manufacturer’s warranties are doubled up to one year when you pay with your eligible MasterCard®. First Bank has over 100 locations in NC and SC so head to a location near you and open an account today. *Loans subject to credit approval. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated.  **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There 3 min read
Best Business Checking Account – Jacksonville NC Running the best business in Jacksonville, North Carolina starts with having the best business checking account in Jacksonville, NC. And, opening the best business checking account in Jacksonville starts with a trip to one of our First Bank locations in Jacksonville. First Bank actually offers not just one, but five, of the best business checking accounts in town. Here’s a breakdown of them all: Business Essentials Perfect for small businesses, this account was named one of 2019’s “Best Bank Accounts for Small Businesses – Rewards” by Wallet Hub. Business Interest Accumulate interest on your earnings to get more bang for your buck. Business Advantage Make up to 500 transactions and $25,000 per month and up to $25,000 of cash deposits each month* Community Checking Best for small nonprofits and community organizations, this account is flexible and has minimal requirements. Commercial Analysis A more customized account for large businesses with big needs. Earn credits to offset fees and gain comprehensive treasury management services. Simply the Best The best business checking accounts in Jacksonville, NC don’t come without perks. Business Essentials, Business Interest, Business Advantage and Business Advantage Plus all come complete with online and mobile banking, online bill pay, 24-hour telephone banking, account alerts via phone, text or email and paper or electronic statements. First Bank’s business services don’t end with checking accounts either. We offer business savings accounts, loans, commercial mortgages, merchant services, business insurance and more. Use our business account comparison chart to find the appropriate account or stop by your nearest Jacksonville First Bank today. A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits. There is a fee of $0.35 per item for each item in excess of 250 per statement cycle (or month).  A fee of $0.15 per $100 on all additional cash deposits. ——— Sources: Wallethub: http://wallethub.com/best-business-bank-accounts/ Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read
3 Major Factors of a Small Business Credit Card Comparison Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to entrepreneurs, which can make it difficult to choose one that is best fit for you and your business. When choosing a small business credit card, the Wall Street Journal suggests paying attention to three specific aspects: Interest rates. Whether you plan to pay off your balance as soon as you make a purchase, or carry a balance on your card, interest rates are important. Some cards will have a teaser interest rate as low as 0% for the first year, and most credit cards will raise your interest rate for any late payments. Rewards benefits. Consider the rewards you will earn for making purchases. For example, if your company travels a lot, you might want to look for a card that offers rewards on gas or travel. Annual fees. Some cards charge annual fees—others don’t. Pay attention to the annual fee charges when choosing a card in order to avoid paying yearly.  With First Bank, you don’t have to spend all your time comparing credit cards. We offer one small business credit card with all of the features and benefits you need to run your business smoothly. No Other Credit Cards Compare Eliminate the hassle of credit card comparison with First Bank.* Our Mastercard Business Card with Rewards** does feature several benefits, including: 1.25 points for every $1 spent on qualified purchases Zero liability No annual fee 24-hour MasterCard Global Service® Purchase assurance MasterAssist: travel assistance MasterRental insurance Competitive interest rate Visit Your Local First Bank Today To learn more about our Mastercard Business Card with Rewards or other business loan options, contact or visit your local First Bank branch today. **See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ——— Sources: Wall Street Journal: http://guides.wsj.com/small-business/funding/how-to-pick-a-credit-card-for-your-business/ 2 min read
Image for tile. Tips to Freshen up Your Budget First Bank Clients: Are you using your MyMoney tools in online banking? MyMoney Manage your budget, track your spending, and modify your debt payback plan - all from your First Bank online banking account. Learn how Start with your (e)mail. Do you have a system for keeping your mail organized and sorted? Credit card and loan statements, bank statements, bills, and receipts can pile up quickly. An organized mail area in your home is the first step in keeping track of your bills and expenses. Bring that cleaning momentum into your email inbox and organize your e-statements too. If your email inbox is piling up, it might be time to clean it out. Here are a few email cleaning suggestions. Tally up your monthly expenses. You can use paper and a pencil, a spreadsheet, or budgeting software. Choose a method you are most comfortable with and get started. If you search for budgeting templates in Google, you’ll find a seemingly endless number of options. A template similar to this option from Microsoft is a good starting point for logging your expenses in a spreadsheet. Check in with your automatic and recurring transactions. Many utility providers, subscription services, and credit cards offer automatic payment options. Autopay enrollment is a great way to ensure you won’t miss a payment, but it can become easy to lose track of where your money is being spent. If you like the convenience of automatic payments but want to keep a better eye on those transactions, consider enrolling in Bill Pay. At First Bank, our Bill Pay system allows you to manage all of your payments from one place. Learn more about First Bank Bill Pay here. Predict your variable expenses. Examples of variable expenses are food, gas, clothing, pet care, prescriptions, etc. that change each month. These are more difficult to pin down, but there are a number of ways to do it. You can either look into the past and add up expenses from each spending category, or you can track those expenses moving forward in real time. Whichever your preference, having a strong understanding of how much you should be spending on non-fixed expenses each month will give you a more accurate picture of your discretionary spending. For a list of common personal budgeting categories, click here. Refine your debt repayment and savings goals. It’s hard to choose between prioritizing debt repayment or saving for the future. While you want to avoid paying unnecessary interest and penalties on your debts, it’s also important to have an emergency savings fund so that you’re less likely to incur more debt when unexpected expenses arise. Many experts recommend having enough saved to cover 3-6 months of expenses. First Bank offers a number of savings account options so that you can keep that money separate from your checking account. Did you know that First Bank credit cards offer $0 balance transfer fees? Here is a helpful calculator to see if a First Bank credit card is right for you. If you’re struggling with making your debt payments, you’re not alone. Our bankers understand that circumstances can be tough and everyone has a different financial story. We want you to feel comfortable talking about you finances and confident in creating a successful path forward. Please reach out to your local First Bank and we’ll do what we can to help you get back on track. Use your discretion. With recent cost of living increases, your typical discretionary expenses are most likely also increasing and could be throwing off your budget. Depending on your debt and savings goals, you might want to readjust your discretionary spending to allocate more for debt payments and savings deposits. MyMoney: Your First Bank Advantage If you’re a First Bank client, log in to your online banking account and explore the Financial Tools section (also known as MyMoney). This service will create a budget snapshot for you. To ensure accuracy, you’ll want to link all of your active banking accounts and customize your spending categories. Find MyMoney instructions here. One of our favorite ways to use MyMoney is to select the ‘Trends’ tab and view your monthly trends by category. You’ll have a nice breakdown of each expense category with the amount spent shown per month. 4 min read
First Bank logo
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.