Posted on: 28th Jun, 2010 11:45 am
Anyone have experience with mortgages, specifically closing costs? Are they negotiable? This is what was offered to us. I don't know if this represents the going rate or if any of it is much higher than it should be. Thanks for any help.
$500 - Origination charges
$395 - Appraisal fee
$606 - Government recording charges
$977 - Transfer taxes
$2,598 - Title services and lenders title insurance
There are some additional fees but they are small compared to the above.
Thanks,
Riley
$500 - Origination charges
$395 - Appraisal fee
$606 - Government recording charges
$977 - Transfer taxes
$2,598 - Title services and lenders title insurance
There are some additional fees but they are small compared to the above.
Thanks,
Riley
Alot depends on what interest rate is offered with those costs. What is the rate? Loan amount? Value of home?
The interest rate is 4.960% and the loan amount is $116,000. The value of the home is between 200k and 250k. Probably closer to 200k. We haven't had the appraiser out to the house yet. We live in NY.
Hi siriushoward!
Welcome to forums!
You may negotiate with your lender to reduce the closing costs to some extent. However, as far as I can understand, the lender is not charging you any extra amount. Here's an estimate of what the closing costs could be like:
Sussane
Welcome to forums!
You may negotiate with your lender to reduce the closing costs to some extent. However, as far as I can understand, the lender is not charging you any extra amount. Here's an estimate of what the closing costs could be like:
- Loan origination fee - 0% to 1.5% of the loan principal
- Application fee - $75 to $300
- Appraisal fee - $300 to $700
- Points - 0% to 3% of the loan principal
- Attorney review/closing fee - $500 to $1,000
- Inspection fee - $175 to $350
- Title search and title insurance - $700 to $900
- Homeowner's insurance - $300 to $1,000
- Survey fee - $150 to $400
Sussane
The offer seems ok. The title costs seem high and you can probably acheive a .25 better in rate but, besides that it seems fine.
the costs look about correct if that is all the costs. the title of this post is "refinance costs" and one of your fees is "transfer taxes". there is no transfer with a refinance. maybe the cost is for ny mortgage tax????
we do not know in what county/zip code the property is located, so, we can not tell what the mortgage tax will be, or, if the costs above include the processing of cema so you do not have to pay the mortgage tax again if this is a refinance.
we do not know in what county/zip code the property is located, so, we can not tell what the mortgage tax will be, or, if the costs above include the processing of cema so you do not have to pay the mortgage tax again if this is a refinance.
