MLA has taken the confusion of the non-recurring closing costs out of the home loan process. You can choose our no fee loan ($0.00 MLA fee). Or you can choose MLA’s flat fee, which covers all of the below referenced non-recurring closing costs.

MLA does not have any application or origination fees. That’s right! Applying for a home loan with MLA is FREE!

Non-Recurring Closing Costs

MLA has taken the confusion of the non-recurring closing costs out of the home loan process and made it simple. The only non-recurring closing costs you will pay is a flat fee from MLA. MLA’s flat fee covers all of the below referenced non-recurring closing costs.

1. Loan origination fee.
2. Credit report fees.
3. Appraisal fees
4. Flood certification fees.
5. Tax Service fees.
6. Underwriting fees.
7. Title insurance fees.
8. UPS/FED-X over night fees.
9. Processing fees.
10. Closing fees.
11. Broker fees.
12. Tax verification fees.
13. Private mortgage insurance fees.
14. Recording fees.
15. Survey or plot plan fees.
16. Pest inspection fees.
17. Funding fees.

MLA does not charge you any of the above Non-recurring closing costs. MLA pays for all of the above non-recurring closing costs.

Recurring Closing Costs

Recurring closing costs can be best described as the cost of homeownership. In most cases as long as you own a home you will pay or have certain fees. In the case of a detached single family home you may have

1. Homeowners insurance to protect you in case of fire, theft or total property destruction.
2. Property taxes paid to your local and or state government.
3. Mortgage insurance should your loan be a conforming loan over 80.00% loan to value.
4. Prepaid interest. This is interest that accrues between the day of the month the loan closes and the end of the month.

These costs are sometimes referred to as escrows or impounds. An escrow or impound account is an account your lender sets up to pay your current and future homeowners insurance, property taxes and mortgage insurance.

Some of Mortgage Loans of America, LLC’s programs allow you to waive escrows or impounds so you can pay these costs yourself. See our loan programs section for loans that do not require escrows.

If you have any other questions or concerns about the loan process you can contact us via e-mail or by calling us at 1-866-838-2901.