Excessive Closing Costs?
I'm in the process of buying my first property (a condo in the northern suburbs), and I close in mid-October. It will be my primary residence (not an investment) and I'm putting 20% down. My FICO is 804 and I was approved for a rate of 4.125% on 30 year conventional. The selling price is $130k. I recently received the following closing fee breakdown:
Closing Cost Details
Loan Costs
A. Origination Charges
Origination Fee $1,095
B. Services You Cannot Shop For
Appraisal Fee $350
Credit Report $33
Doc Prep $17
Field Review of Appraisal $125
C. Services You Can Shop For
Title - Chain of Title $250
Title - Closing Fee $1,500
Title - Closing Protection Letter $100
Title - ILAPLD (SB 1167) $50
Title - Lender's Title Insurance $1,700
Title - State of IL Loan Policy Fee, State of IL Owners $3
Title - Title Update Search $125
D. TOTAL LOAN COSTS (A + B + C)
$5,348
Other Costs
E. Taxes and Other Government Fees
Recording Fees and Other Taxes $375
Transfer Taxes
F. Prepaids
Homeowner's Insurance Premium ( months)
Mortgage Insurance Premium ( months)
Prepaid Interest ($11.7534 per day for 20 days @4.125 %) $235
Property Taxes ( months)
G. Initial Escrow Payment at Closing
Homeowner's Insurance $30.00 per month for 3 mo. $90
Mortgage Insurance per month for mo.
Property Taxes $160.14 per month for 5 mo. $801
H. Other
Attorney Fee for Personal Representation $500
Condo Questionnaire $295
I. TOTAL OTHER COSTS (E + F + G + H)
$2,296
J. TOTAL CLOSING COSTS
D + I
Lender Credits -$357
Calculating Cash to Close
Total Closing Costs (J) $7,287
Closing Costs Financed (Paid from your Loan Amount) $0
Down Payment/Funds from Borrower $26,000
Deposit -$3,000
Funds for Borrower $0
Seller Credits $0
Adjustments and Other Credits -$1,655
Estimated Cash to Close $28,632
I know it includes some prepaids, but do any of these fees seem ridiculously high to anyone else? Specifically, the title fees.