What are closing costs typically in Kentucky for a Mortgage Loan?
Application fee. This covers the upfront cost of processing and taking the initial home loan request and could include the credit check and other administration fees. It cannot be more than $100 in the State of Kentucky. We never charge an application fee in Kentucky for a mortgage loan but some mortgage lending companies will collect a credit report fee upfront. Just depends. Appraisal fee. This is paid to a third-party appraiser to determine the property value. A professional appraiser will come out to the home and evaluate its market value. This generally costs between $300-$500. Appraisal fees in Kentucky have went up due to the new laws that state we have to use a third party (AMC) to order the appraisals and they add their costs to the report. A typical appraisal in a suburban area usually costs around $300, sometimes more in rural areas with less appraisers to choose from, but with the added costs of the AMC this has really increased the costs of appr...
