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Updated about 5 years ago on . Most recent reply
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Does this seems reasonable?
Duplex $110,000
25% down
South Texas
Admin fee $680
Tax service $80
Origination fee $825
Processing fee $500
Underwriting fee $500
Appraisal,cedit report, doc preparation $1036
Escrow, survey, guaranty fee, Title insurance $1,977
Prepaids, initial closing payment $3,128
Total closing $8,724
Is this reasonable? Seems a little high.
Most Popular Reply
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Yes, that seems high on a $110K price tag. However, you're in South Texas, so its hard to say without knowing the Taxes and Insurance details. Your Escrowed and Prepaids could simply be very high.
But it looks like there are a lot of individual fees. A few I do not recognize/understand, maybe just terminology...
What is "Admin Fee" and "Tax Service"? Is that the Recording and Transfer of Taxes?
What is "doc preparation"? Is that simply the Application Fee? Or is that attorney review (in Texas)?
Why do you have a "guarantee fee"? Is there a Guarantor for this purchase?