The miscellaneous expenses buyers and sellers normally incur at settlement in the transfer of ownership of real property over and above the cost of the property such as recording fees attorney fees title insurance premium etc. Processing a mortgage application can be time consuming and costly. Typically this process takes anywhere from two to eight weeks. Avoid any mortgage closing delays by paying off unnecessary debt and checking your own credit file a few months before shopping for your mortgage. Once you’ve shopped compared and closed on your mortgage expect to accrue additional lender fees. Closing costs which may consist of title insurance costs lender attorney fees appraisal fees and more can add thousands of dollars to your borrowing costs. When shopping for your lender work with your mortgage broker to collect good faith estimates (GFE) of lender closing costs and fees. Though lenders aren’t required to provide a GFE of settlement charges before the borrower appliesfor the loan federal law does require them to provide it three days after. Work closely with your broker and take the time to scrutinize each estimate and define each closing cost fee so that you can make an informed decision.