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Lower Closing Costs

Lower closing costs can be found when you compare closing costs between lenders before you make a full application. While a mortgage interest rate is important, you must be sure to get lower closing costs to secure a desired rate. A Good Faith Estimate of Closing Costs is the document which allows this comparison giving you lower closing costs. The Good Faith Estimate of Closing Costs details interest rates, terms, and the closing costs of the transaction. You will always receive a Good Faith Estimate of Closing Costs from me before you make a full application and I urge you to insist on a closing costs estimate from any lender you consider. I have information on a no closing costs refinance Email lower closing costs questions

Closing costs fall into several categories-

  • Lender Closing Costs which vary by lender

  • Settlement attorney closing costs

  • Government fees and taxes are closing costs

Lender closing costs

Please understand that I am a mortgage broker with access to over 700 lenders, each with their own closing costs. When I evaluate a lender for my client, I always consider lower closing costs for a given rate first. Closing costs below are  average fees charged by various lenders we represent. The only fees I charge and keep are a $395 processing fee and a $395 Broker fee. Everything else is a direct pass through from various service providers. They are passed to you based strictly on our cost.

Origination fees or closing costs I do not charge origination fees at any time $ 0
Discount points Prepaid interest to lower your interest rate Varies by rate
Application fees I do not charge an application fee $ 0
Lock in fees I do not charge for locks under 60 days $ 0
Underwriting/Doc prep Fees to cover Lender office costs $400-$500
Flood Certification  Verify that the property is not in a flood plain $19
Tax Service Paid to process property tax payments $75
Appraisal Verify property value $300-400
Credit Report Fees Paid to verify your credit profile $15

Settlement Attorney fees   

Attorney fees Paid for document prep and closing services $225-$400
Title Search Cost to verify chain of title $85- $200
Title insurance Required by lender to insure the chain of title $3.90/$1000 of value

Government fees and taxes

Recordation Fees Government fees charged to record a new deed $50- $200
State Transfer Tax The required state taxes Varies by State
County Transfer Tax  The required county taxes Varies by County

Please note that the above are for information purposes only. Some programs require additional fees.

Learn more about investing

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

Request a Good Faith Estimate of Lower Closing Costs before you apply

 


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