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Updated over 2 years ago on . Most recent reply

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5
Posts
2
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Sam Clemons
  • Rental Property Investor
  • Chicago, IL
2
Votes |
5
Posts

Do these closing costs seem high?

Sam Clemons
  • Rental Property Investor
  • Chicago, IL
Posted

The total loan is 135k for a 180k property.  The loan originating fee of 3.4k seems high. My closing costs are almost 9%. Does this seem normal? 


A. Origination Charges
$3,412.50
01 % of Loan Amount (Points)
02 Loan Origination Fee$3,412.50
B. Services Borrower Did Not Shop For$1,060.91
01 Appraisal Fee to$390.00
LLC
02 Condo Questionnaire Fee to
$300.00
03 Credit Report Fee to$91.42
04 Flood Certification to$10.65
05 Investment Home Appraisal Fee to$150.00
06 MERS to$24.95
07 Tax Service Fee to$93.89
C. Services Borrower Did Shop For$3,663.00
01 Title - Chain of Title to$250.00
02 Title - Closing Protection Letter to$50.00
03 Title - Closing/Settlement/Attorney Fee to$1,650.00
04 Title - Courier fee to$45.00
05 Title - Doc Processing Fee to$150.00
06 Title - E-Recording Fee to$18.00
07 Title - Lender Title Insurance to$550.00
08 Title - Title Endorsement to$700.00
09 Title - Title Update Fee to$150.00
10 Title - Wire Transfer Fee to$100.00
D. TOTAL LOAN COSTS (Borrower-Paid)$8,136.41
Loan Costs Subtotals (A + B + C)$7,596.41
Borrower-Paid
At Closing Before Closing
Seller-Paid
At Closing Before Closing
Other Costs
E. Taxes and Other Government Fees$1,021.00
01 Recording Fees Deed: $98.00 Mortgage: $98.00$202.00
02 City/County Tax Stamps to$637.00
03 State Tax/Stamps to$182.00
F. Prepaids$772.30
01 Homeowner’s Insurance Premium (12 mo.) to$424.00
02 Mortgage Insurance Premium ( mo.) to
03 Prepaid Interest ($23.22 per day from 9/16/22 to 10/1/22)$348.30
04 Property Taxes (0 mo.) to COOK COUNTY TAX COLLECTOR$42.12
5
G. Initial Escrow Payment at Closing$1,554.79
01 Homeowner’s Insurance $35.33 per month for 3 mo.$105.99
02 Mortgage Insurance per month for mo.
03 Property Taxes $360.42 per month for 5 mo.$1,802.10
08 Aggregate Adjustment(-$353.30)
H. Other$1,800.00
01 Title - Owner's Title Insurance (optional) to$1,800.00
I. TOTAL OTHER COSTS (Borrower-Paid)$5,148.09
Other Costs Subtotals (E + F + G + H)$5,148.09
J. TOTAL CLOSING COSTS (Borrower-Paid)$12,131.07
Closing Costs Subtotals (D + I)$12,744.50
Lender Credits($1,153.43)

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Erik Estrada
#3 Mortgage Brokers & Lenders Contributor
  • Lender
1,313
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4,176
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Erik Estrada
#3 Mortgage Brokers & Lenders Contributor
  • Lender
Replied

Hard to say. What is the loan amount? And is this for a conventional loan? 

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