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Old 07-07-2011, 09:37 AM
 
1 posts, read 2,563 times
Reputation: 10

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we're buying a house for $84,900, the loan amount is $80,750. My total estimated settlement charges are $9,163. I'm quite disappointed I though the total "closing cost" would be around 6% of the loan amount ? Just wondering if I should shop around for another lender?? Thanks!

charge/points for the interest rate (4.875%) $2185.

appraisal $450.
credit report $25.
Tax service $90.
flood certification $12.
UFMIP $799.98

Title services and lender's title insurance $1225.
owner's title insurance $1000.

government recording charges $90.
Transfer taxes $1000.

initial deposit for your escrow account $2125.
(include all property taxes and insurance) ???

Daily interest charges (15days)= $161.


total estimated settlement charges: $9163.
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Old 07-07-2011, 10:47 AM
 
Location: Fort Worth, TX
27 posts, read 54,845 times
Reputation: 27
Minus the Escrow account and the charge for buying down the Interest rate. You would be around 6%. Those fees all sound about right.
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Old 07-09-2011, 12:11 AM
 
Location: At the end of the road, where the trail begins.
760 posts, read 2,259,543 times
Reputation: 353
That's nearly double what our "settlement" charges were on a similiar size loan package.
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Old 07-09-2011, 07:35 AM
 
Location: north of Windsor, ON
1,901 posts, read 5,201,832 times
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Is that flood insurance I see? That's a few hundred dollars of it. The point charge may be a bit high.
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Old 07-09-2011, 07:46 AM
 
Location: West Michigan
12,083 posts, read 35,822,207 times
Reputation: 16935
That is exactly the price we paid for our house 3 years ago, and almost the exact loan amount as well. Your closing costs are about $3500 higher than ours were, but we didn't pay any "points", the appraisal was lower, a couple of the other fees were slightly lower, our initial escrow amount was a bit lower as well. Which when totaled up comes out to the difference.

It seemed high at first, but when I looked at what the costs were for ours, it isn't that bad for the "regular" fees.
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Old 07-11-2011, 06:34 PM
 
211 posts, read 540,202 times
Reputation: 217
Why are you paying the for the owners title policy? Typically the seller pays that, it may show as a debit on your side of the closing statement but if you look farther down the statement, typically the seller will credit you back that amount, as they are paying for the owners policy.

Also, the seller should be paying the transfer tax and revenue stamps, unless that was specifically negotiated as a buyer cost in the purchase agreement.

That's $2k in costs that are normally paid by the seller, check with the title company for an explanation on those two items.
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