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Below are the actual closing costs for a home loan I am applying for. I don't know where to start... so many fees. Can anyone identify which fees are too high or should be taken off entirely? I know the builder is padding these to get my money!
I should note this is a sale of a new home in northern VA where land values are very high, so keep that in mind.
Maybe try to negotiate on the underwriting fee (819) and Processing Fee (824)? That is an absurd amount of tax to get a state stamp, ouch! I don't really think you can negotiate out any governmental fees, unfortunately. You could request a less expensive title company as well. Best of luck!
Nobody can help you negotiate those fees unless they know what your rate/apr is.
They will also need to know the purchase price, down payment amount, 30yr fixed or 15yr fixed, Conventional or FHA, credit score, are you going stated or full doc, etc.
hmmm that's a really good rate for that loan amount.
Ask them what the settlement review fee is.
Underwriting fee can range from 400-850.
Processing should be around 400-500
If your info is correct, then you're getting a really good deal.
Quote:
Originally Posted by tzakiel
640k sales price
30 year conventional fixed
6.25 with one point seller purchased at $5000
down payment 20%
credit is excellent, over 750
Wow the stamp fees are crazy. I am familiar with doing loans in Texas, not sure of the State tax stamp. I would contact another title company and ask them what the standard State Tax Stamps are for Virginia. the credit report fee is well inflated, they probably paid about $20 for your credit report. But it appears that you are getting a good deal. One other item that jumped out at me is your home owners insurance, according to this document your home owners insurance only costs $58 per month so less then $700 per year for a $640,000 home? If i where you i would focus on lines 1202 thru 1206 and another title company should be able to tell you if those are standard for Virginia.
Some states have crazy fees. I know from some states I work in, but it makes me glad I am in NC.
Really the fee I would ask about is also the settlement review fee (850). I don't know any lenders that charge that so if it is a lender fee (it is in the 800 lines) I would ask them what it is for and if it can be waived. The rest are within line in my experience, you could find $50-100 or so cheaper on some, but not far off.
Depends on how many times they pulled it... but thats true. The reason no one mentions that is because by law lenders are not allowed to overcharge from the actual cost of the report or other items like flood certs and MERS.
If the report says 15.85 on it, you can only collect 15.85 on the HUD. Now you can charge $500 as a "processing fee" to review a credit report... if a consumer feels its worth the cost they can pay for your services.
$75 does seem excessive unless you had 3-4 joint reports pulled over a multiple month period.
Wow the stamp fees are crazy. I am familiar with doing loans in Texas, not sure of the State tax stamp. I would tell you if those are standard for Virginia.
Can you please tell me how much will be the closing costs and prepaids for me; I am planning to collect $30K before closing, not sure its enough..
Final contract price: $259,476
Desired downpayment 10% : $26,000
closing cost fees
Prepaids
Bank of america - 10% downpayment, no PMI, my builder lender agreed to match them plus lender give $7000 towards closing cost if i select my builder lender.
approximate extra money needed for closing costs & oprepaids - tax rate is 3.43%??? pearland tx area.
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