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Old 11-05-2014, 09:17 PM
 
1 posts, read 1,009 times
Reputation: 10

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My fiance and I are starting the process of purchasing our first home in Los Angeles and just received our first Fees Worksheet from a broker. We are targeting a purchase price of $850k w/ 10% down. The broker says she can source a deal with no PMI. Our combined income is about $200k and our credit scores are both > 760 w/ no debt.

Based on the little bit of homework I've done so far the 2.125 points on the back end seem excessive, especially considering the underwriting fee built-in. Should I head for the hills or is this competitive? When in doubt, I've learned to ask the internets. Thanks in advance!

Purchase Price: $850,000
Total loan amount: $765,000
Interest rate: 4.875%
Term: 30yr fixed no PMI

Origination
Mortgage Broker's Fee: 2.125% | $16,256
Underwriting Fee: $895

Other Charges
CREDIT FOR RATE CHOSEN: ($16,730.25)
Appraisal Fee: $700
Credit Report Fee: $50
Flood Certification Fee: $14

Closing/Escrow Fee: $1,540
Document Preparation Fee: $175
Notary Fee: $200
Lender's Title Insurance: $900
Courier Fee: $50
Electronic Document Delivery Fee: $100
Wire/Disbursement Fee: $50
Sub Escrow: $75
Loan Tie-in: $500
Title Endorsements: $150

Owner's Title Insurance: $2,167 (CUSTOMARILY PAID BY SELLER)

Pest Inspection Fee: $150 (CUSTOMARILY PAID BY SELLER)
Home Warranty: $600 (CUSTOMARILY PAID BY SELLER)

Mortgage Recording Charge: $200

City/County Transfer Tax: $4,760 (CUSTOMARILY PAID BY SELLER)

Hazard Insurance Reserves: $191.25 X 2 months = $382.50
County Property Tax Reserves: $885.42 X 6 months = $5,312.50

Daily Interest Charges: $102.17 X 15 Days = $1,532.62

Hazard Insurance Premium $191.25 X 12 months = $2,295
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