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Hi All, we are purchasing our first home in Kane county in Illinois. Applied for a mortgage and got a fairly good rate (2.75%) for 15 years with 20% down. But the 3rd party fees seems little high. Can you please let me know which one is high/low based on your experience.
Closing disclosure
Part A + B
Processing fee $595.00
Appraisal fee $455.00
[URL="//www.city-data.com/knowledge/Credit_history.html"]Credit Report[/URL] $40.00
Flood Cert $11.00
Part C
Title - Abstract/Title search $250.00
Title - E-doc Closing fee $ 40.00
Title - Ins closing letter $ 50.00
Title - Lender's Title Ins $ 1500.00
Title - Settlement/closing $ 1370.00
Title - State Title/Tax fee $3.00
Title - Third party courier $ 25.00
Title - Title Search fees $ 125.00
Title Policy End $ 350.00
Without you providing the sale cost of the house, the assessed value, and the tax amount bills and such, I don't see how we can tell you positively if your fee's are too high or not. That varies so much with every variable and location in the world, it's just something that can be hard to determine.
Kane County? I like St. Charles, and have been there many times, it's a nice little town. I like their flea market, lol.
None of the fee's you've listed above seem "crazy" out of range/too high to me, and I've been involved in purchase, rehab, and resale of many houses (over 10)
Buying your FIRST house and seeing all the fee's for the FIRST time, is sort of like getting your very FIRST paycheck, and looking at all the TAXES they soak you for. It's called "Sticker Shock", and a very normal human reaction.
You can look at your paperwork, and the fee's should be broken down into a little more detail. If not, you can go back to the closing company, and ask them to explain the breakdown details of each a little better to you.
P.S. Some of those fee's are not set in stone, they can be adjusted either way almost right to the moment of the closing date.
Hi All, we are purchasing our first home in Kane county in Illinois. Applied for a mortgage and got a fairly good rate (2.75%) for 15 years with 20% down. But the 3rd party fees seems little high. Can you please let me know which one is high/low based on your experience.
Closing disclosure
Part A + B
Processing fee $595.00
Appraisal fee $455.00 Credit Report $40.00
Flood Cert $11.00
Part C
Title - Abstract/Title search $250.00
Title - E-doc Closing fee $ 40.00
Title - Ins closing letter $ 50.00
Title - Lender's Title Ins $ 1500.00
Title - Settlement/closing $ 1370.00
Title - State Title/Tax fee $3.00
Title - Third party courier $ 25.00
Title - Title Search fees $ 125.00
Title Policy End $ 350.00
Thank you very much for your comments!
Best regards
Processing fee is a lender fee. I mean the broker has to get paid just make sure the rate is in line with loans that have origination fees.
Hi All, we are purchasing our first home in Kane county in Illinois. Applied for a mortgage and got a fairly good rate (2.75%) for 15 years with 20% down. But the 3rd party fees seems little high. Can you please let me know which one is high/low based on your experience.
Closing disclosure
Part A + B
Processing fee $595.00
Appraisal fee $455.00 Credit Report $40.00
Flood Cert $11.00
Part C
Title - Abstract/Title search $250.00
Title - E-doc Closing fee $ 40.00
Title - Ins closing letter $ 50.00
Title - Lender's Title Ins $ 1500.00
Title - Settlement/closing $ 1370.00
Title - State Title/Tax fee $3.00
Title - Third party courier $ 25.00
Title - Title Search fees $ 125.00
Title Policy End $ 350.00
Thank you very much for your comments!
Best regards
Those fees are good-to-low, and the appraisal fee is VERY low.
I agree, it looks good. I am betting the Settlement/Closing fee is owners title + the fee to close. If that is correct, these are solid numbers. Your only lender junk fee is $595. Kudos, who is this lender, give them a shout out. (But no contact info - frowned upon).
I would ask why there is a duplicate fee for title search/abstract.
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