All Forum Posts by: Regan Coakley
Regan Coakley has started 2 posts and replied 8 times.
Post: Are these closing fees too high?

- Posts 8
- Votes 1
@Bruce Lynn it does include pre-paids. Thank you.
Post: Are these closing fees too high?

- Posts 8
- Votes 1
@Bruce Lynn Thanks for the insight. Much appreciated!
@Jason Hirko interesting. How do i get into THAT business? Lol
Post: Are these closing fees too high?

- Posts 8
- Votes 1
This is the breakdown
Loan Costs
A.
Origination Charges
$1,782
0.325 % of Loan Amount (Points)
$492
$150
Application Fees Lender Fees
$1,140
B.
Services You Cannot Shop For
$1,044
Appraisal Fee
$850
Attorney Review Fee (TX only)
$150
$13
Credit Report Undisclosed Debt Report
$31
C.
Services You Can Shop For
$2,699
HOA Transfer Fee
$150
Resale Package
$300
Survey Fee
$539
Title - Document Preparation Fee
$50
Title - Escrow Fee
$425
Title - Guaranty Assessment Recoupment Fee
$2
$130
Title - Lender's Endorsements Title - Lender's Title Insurance
$1,103
D.
TOTAL LOAN COSTS (A + B + C)
$5,525
Other Costs
E. Taxes and Other Government Fees
$156
Recording Fees and Other Taxes Transfer Taxes
$156
F. Prepaids
$1,651
Homeowner's Insurance Premium (12 months)
$1,200
Mortgage Insurance Premium (
months)
Prepaid Interest ($15.0462 per day for 30 days @3.625 %)
$451
Property Taxes (
months)
G. Initial Escrow Payment at Closing
$7,150
Homeowner's Insurance
$100.00 per month for 4 mo.
$400
per month for
mo.
Mortgage Insurance Property Taxes
$562.50 per month for 12 mo.
$6,750
H. Other
$0
I. TOTAL OTHER COSTS (E + F + G + H)
$8,957
J. TOTAL CLOSING COSTS
$14,482
D + I Lender Credits
$14,482
Post: Are these closing fees too high?

- Posts 8
- Votes 1
I am a first time investor and am purchasing an investment property in Baytown Texas for $200,000 (single fam). I was expecting the closing costs to be around 3% but they are closer to 7-8%. Is this reasonable? I am using guaranteedrate.com they quoted me an interest rate of 3.625% and my credit score fluctuates between 780-800. First property purchase. Thank You.
@Bruce Lynn I did speak with him already and his response was in line with the response above. Thank you.
@Ryan Kelly Thank you.
I received a quote of $850 for the appraisal of a $200,000 rental property in Baytown Texas (Houston area). The average appraisal cost for the area seems way lower by Google search. I’m told this includes some sort of rental evaluation. Is this a fair price? Thank you.