help with understanding closing costs for sfr under contract (IL)

[Nick S.]

hi everyone,

after 2 years, i finally got an sfr under contract. the 1st one i had to back out due to the home inspection and after a year of burnout, i've been taking advantage of these work from home times to find another.

i'll provide as much relevant numbers as possible. i also wouldn't mind a breakdown of this deal.

below are deal info and closing cost breakdown

purchase price: 185k in a really nice city in a very good school district, but the neighborhood is way under the median

repair: 35k

arv: 260-275k (my calculations were more conservative at 260)

average rent is: $2k, but i haven't yet decided whether to 2 year live in flip or brrrr. i'm leaning towards the 2 year live in flip so i can put down 10% and pay cash on the rehab

closing cost breakdown from initial lender who helped me with my preapproval. i plan to talk to a few lenders on wednesday

A: loan costs (application and lender fees): 1.3k

B: services you cannot shop for (appraisal fee, credit fee, other): 400

C: service you can shop for (this is where it gets really muddy for me): 4k

1) admin fee: 100

2) chain of title: 250

3) closing protection letter, electronic doc fee: 100

4) lender's endorsements (what the heck is this?): 350

5) lender's title insurance: 1.5k

6) settlement fee (what the heck is this?): 1.2k

7) title binder commitment, title search abstract, title update fee, wire transfer fee: 550

D: A+B+C= 5.7k

E, F, G (these i get): government fees, prepaids, escrow payment at closing. taxes are extremely high here in IL. they included a homeowner's insurance premium. should i shop for this myself? they estimated 133 a month

H: owner's title insurance (optional): 520 (should i be adding this?)

would appreciate any and all feedback soon to help me in my mortgage lender shopping conversations for wednesday

thanks!