Yay! My offer was accepted on a condo in Seattle. Now comes the not so fun part of dealing with the loan, closing costs, and being in debt for most of my adult life. I'm doing 5% down conventional loan ($310k sales price) and so far my lender is telling me a 4.125 rate for both 30yr and 20yr fixed. We're doing a quick 3 week close and things are moving fast. Looking at all the fees and costs, I'm concerned if I should have shopped around for a lender. My total closing costs is ~9k and below is some of the breakdown. Please let me know your thoughts. Thanks in advance!
Origination Charges $1,095.00
Section B. Services You Cannot Shop For
01 Appraisal Fee $750.00
02 Condo Questionnaire Fee $285.00
03 Credit Report Fee $14.00
04 Flood Certification $8.00
05 Tax Service Fee $92.00
Section C. Services You Can Shop For
01 Pre-Purchase Counseling Fee $75.00
02 Title - Closing/Settlement/Attorney Fee $814.74
03 Title - Courier fee $50.00
04 Title - Lender Title Insurance $1,959.78
05 Title - Mobile Notary Fee $125.00
Section E. Taxes and Other Government Fees
01 Recording Fees and Other Taxes $198.00
Section F. Prepaids
01 Homeowner’s Insurance Premium (12 months) $240.00
02 Mortgage Insurance Premium ( months)
03 Prepaid Interest ($33.74 per day for 23 days @ 4.125%) $776.02
Bo - thanks ..
what is credit score ?
pricing for 30 and 25 yr fixed loans is generally the same
the $1095 origination fee you mention is likely actually a processing type fee that the lender is charging ..check on this
for a 4.125% rate 30 day lock assuming high scores - you should be paying zero loan fees ...you could likelyu get 3.99% with 0 fee/ paying normal closing costs
the condo questionnaire fee isn't a fee that your lender charges - its one that the condo HOA or property management firm tied to the condo charges ...so it will be the same from one lender to the next ...do confirm this is what they charge though as it seems on high side
credit -flood -tax serv - ok
pre purchase counseling fee $75 ? no idea what this is unless you went thru some class or are being forced to ?
closing agent fee / title fees - these are set by the firms that are designated to handle the transaction ...so these wont vary from one lender to the other ......these firms are mentioned one page 1 of yourpurchase contract and the agents involved will normally pick these firms ..just because some of these fees are listed - doesn't mean you will end up paying these ...
lender title fee is actually prob closer to 1K ...do you see any credits appearing to make this 1959.78 lower ?
recording - OK
homeowners ins - you may or may not need separate insurance depending on the insurance that the condo carries - so check this
mtg ins - how much is this per month ?
prepaid interest - this is controlled by your loan amt / rate and closing date