Are there closing costs or other fees for a Home Equity Loan or Home Equity Line of Credit (HELOC)?

Yes. Getting a new mortgage loan usually involves closing costs and other fees, separate from your down payment. Common costs include:

• Origination fees you can pay to obtain a lower interest rate
• Appraisal fees to pay for an independent valuation of the property
• Credit report and verification fees
• Title Company services and title insurance fees
• Recording and government fees
• Prepaid interest to pay for any loan interest from closing through the end of the month
• If applicable, initial escrow deposits placed in escrow for property taxes and homeowner’s insurance
• If applicable, supplemental purchase property taxes

Mirastar will absorb most of your home equity fees to include recording fees, appraisal and title company fees. If you decide to payoff and close your home equity loan early, you may have to pay an early closure fee. You’ll be provided with an estimate of home equity loan fees at the beginning of the home equity loan process.