Closing Cost vary depending on the type of loan, State the propery is
located, and loan amount. When you select a rate from our Rate Search
feature you may view an estimate of closing cost. When you choose to lock
you loan, we guarantee the One Rate Fee and applicable discount points (if any)
as shown on your lock confimation. We will also send you via email a Good
Faith Estimate based on the third party cost in your area. We do not
guarantee any third party cost as we have no control over these
items.
UP-FRONT FEES
| APPRAISAL |
Appraisal Fees can vary by Area and Type Requested. Single Family Homes are usually $275-$350. Multi Family\'s run $550-$650 on average |
| CREDIT REPORT |
With Automated Approval through DU run $54. |
THIRD PARTY CLOSING COSTS
| SETTLEMENT OR CLOSING FEE |
$125 -- This fee is set by the market condition in your area by competing Title Companies and can vary. |
| TITLE EXAM FEE |
$125 - This fee is set by the market condition in your area by competing Title Companies and can vary. |
| TITLE INSURANCE BINDER |
$50 -- This fee is set by your State Insurance Agency and may not be applicable in every State |
| DOCUMENT PREPARATION |
$125 |
| LENDERS TITLE INSURANCE |
$400 -- This fee is set by the State Insurance Dept and will vary by the State |
| EPA TITLE ENDORSEMENT |
$75 -- Set by the State Insurance Dept and will vary by State |
| SURVEY ENDORSEMENT |
$50 -- This fee varies by State and may not be appicable in your area. |
| TITLE COMAPNY COURIER FEES |
$50 -- You will be charge the cost for them to Fed Ex or courier your loan Doc\'s to the recoder and ourselves |
| COUNTY RECORDING FEES |
$140 -- You will be charged the actual cost to record your mortgage in your county. |
| PROPERTY SURVEY |
$140 -- This fee varies by State and may not be applicable |
PER DIEM
INTEREST:
|
| As a result of there being no mortgage payment due the first month following your closing; at the closing you must pay simple interest covering the period from the day of the closing through the end of the month.
|
PROPERTY TAX &
HOMEOWNERS INSURANCE ESCROWS
|
| A calculation will be done at the closing to determine the amount of money that will need to be initially deposited to your escrow account. The actual amount will depend on the dollar amount and timing of the first tax payment coming due. The bank will need to make certain that there will be sufficient funds on account to make this first payment. Generally speaking, you can expect this amount to range anywhere from 4 to 6 months worth of payments.
|
INITIAL
FUNDS FOR CREDIT AND APPRAISAL
We collect an initial amount of $300 from you at the time you want
to lock your loan or application to offset the cost of you credit report and
appraisal. If the cost of the credit report and appraisal exceed the
amount collected, you are obligated to pay the remaining cost. You may pay
this amount at closing on your settlment statement or at the time of the
appraisal. This is most likely to occur areas where the cost of an
appraisal is higher than average or for multi-family properties. If these
cost are lower than $300 then your will be either refunded or credited the
difference.
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