Many mortgage companies are known for padding their closing costs with extra “junk fees” — doc fees, lock fees, admin fees, processing fees, “lender” fees that are really broker fees, and more. With our Bare Bones Closing Cost Guarantee, we promise something different: We will not add any extra fees from our mortgage brokerage to your closing costs. The only costs you’ll see are legitimate third-party charges and the actual fees your chosen lender charges us — all passed through to you, itemized line by line.
Our Promise
When you work with iQRATE Mortgages under this guarantee:
- No iQRATE Junk Fees (We do not charge our own fees for):
- Processing fee
- Admin fee
- Doc prep fee
- Lock fee
- “Lender” or “broker” fee labeled by us
- Pass-Through Pricing Only (Any fees shown on your Loan Estimate (LE) and Closing Disclosure (CD)under lender or third-party services will be):
- Actual wholesale lender fees, at the amount charged to us
- Third-party costs such as appraisal, title, escrow, credit report, recording, etc.
- We will not “mark up” these items for additional profit.
- Honest Rate vs. Cost Trade-Off
- Our goal is to keep your interest rate as low as possible while showing real, not artificially deflated, closing costs.
- We avoid “baking” hidden costs into your rate just to make the closing costs page look cheaper.
- If you choose to pay discount points to lower your rate, those points will be clearly labeled as such — not disguised as admin or processing fees.
- 100% Line-Item Disclosure (Your LE and CD will show):
- Every fee, line by line
- Who is charging it (lender, third party, government agency, etc.)
- Whether it is optional or required for your loan
How It Works
- We Issue Your Loan Estimate
- After we review your application and select a lender/program with you, we’ll issue a Loan Estimate that itemizes every fee.
- Any fee that is from iQRATE Mortgages directly (if applicable at all) will be clearly labeled — and under this guarantee, those iQRATE line items will be $0 or credited back at closing.
- You Review and Ask Questions (We’ll walk you through your LE and CD so you understand):
- Which fees are from the lender
- Which are third-party costs
- Which are prepaid items like taxes and insurance (not lender profit)
- If We Slip, You Don’t Pay It (If, at closing, you find a new fee that is):
- Directly from iQRATE Mortgages,
- Not previously disclosed, and
- Not required by law, lender, or third party, then we will remove or credit that iQRATE fee at closing so you do not pay it.
What This Guarantee Does Not Cover
This Bare Bones Closing Cost Guarantee is focused on our fees — not charges we don’t control. It does not apply to:
- Fees required and charged directly by the wholesale lender, including their own
underwriting or funding fees. - Charges from third parties, such as:
- Appraisal
- Title and escrow
- Attorney fees (where applicable)
- Credit report
- Recording and transfer fees
- Flood certifications
- Prepaid items and reserves, such as:
- Prepaid interest
- Property taxes
- Homeowners insurance
- Mortgage insurance premiums
- Discount points you choose to pay to lower your rate.
- Builder, seller, or realtor-related fees or credits.
We will still disclose all of these items clearly — but we cannot guarantee that outside parties will not change their pricing.
Eligible Loans
- Applies to most first-lien purchase and refinance loans brokered by iQRATE Mortgages.
- Typically includes Conventional, FHA, VA, and certain non-QM programs, subject to lender participation.
- Does not apply to:
- HELOCs or second liens
- Construction or renovation loans
- Loans requiring special or third-party approval (e.g., relocation programs)
If you have a unique program or structure, we’ll tell you upfront whether the Bare Bones Closing Cost Guarantee applies.
Important Terms & Disclaimers
- This guarantee is about our brokerage fees only. It is not a promise that your
total closing costs will be the lowest of all lenders, since other parties control
many of the fees. - This program is not a commitment to lend. All loans remain subject to credit
approval, underwriting approval, program and investor availability, and property
eligibility. - Fees can change if:
- You change loan products, terms, or property,
- Your credit/income/asset profile changes,
- Third-party providers adjust their pricing, or
- Government or recording fees change.
- iQRATE Mortgages reserves the right to modify or discontinue this program at any time, except for loans that already received disclosures under this guarantee.
