If debt ratio (Debt/Income) is below 40%, 100% documented income and purchase of primary residence; you will get better deal with direct lenders like Wellsfargo, Bofa, etc… Direct lenders never charge origination fee. You need to shop around at least 4 lenders and you need to compare their charges. I come across the following charges as per my experience. 800 series related to lender charges.
800
801 Origination Fee
802 Points (Loan Discount Fee)
803 Appraisal Fee
804 Credit Report
805 Lenders’ Inspection Fee
808 Tax Svc Fee/Mtg Broker Fee
809 Tax Related Service Fee
810 Processing Fee
811 Underwriting Fee
813 Loan Document
814 Messenger
815? Funding/Wire
815? Flood Cert
1100
1101 Settlement/Closing Fee
1105 Document Fee
1106 Notary Fee
1108 Title Insurance Fee
1125 Courier Fee
1200
1201 Recording Fee
1202 City/County Tax/Stamps
1203 State Tax/Stamps
1300
1 month HOA fee
900
901 Prepaid Interest
902 Mortgage Insurance
903 Hazard Insurance 1 year
1000
1001 Hazard Ins 2 months
1004 Prop Tax 2 months
Total Closing Expenses
Some lenders use different names or combined different charges in to one category.
I am closing on a house in a couple of weeks…we have the same stats as you. Closing costs are approx. $10-12K. A bulk of it is the 7 or 8 months worth of property taxes needed up front based on the last sale price which was significanly higher in our case. The state refunds the money later when the new sale price is updated. It’s not really 1% of the purchase price as most agents will quote you. Plan to double or triple that.
I am closing on a house in a couple of weeks…we have the same stats as you. Closing costs are approx. $10-12K. A bulk of it is the 7 or 8 months worth of property taxes needed up front based on the last sale price which was significanly higher in our case. The state refunds the money later when the new sale price is updated. It’s not really 1% of the purchase price as most agents will quote you. Plan to double or triple that.
I am closing on a house in a couple of weeks…we have the same stats as you. Closing costs are approx. $10-12K. A bulk of it is the 7 or 8 months worth of property taxes needed up front based on the last sale price which was significanly higher in our case. The state refunds the money later when the new sale price is updated. It’s not really 1% of the purchase price as most agents will quote you. Plan to double or triple that.
I am closing on a house in a couple of weeks…we have the same stats as you. Closing costs are approx. $10-12K. A bulk of it is the 7 or 8 months worth of property taxes needed up front based on the last sale price which was significanly higher in our case. The state refunds the money later when the new sale price is updated. It’s not really 1% of the purchase price as most agents will quote you. Plan to double or triple that.
