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Updated over 2 years ago,
Do these closing costs seem high?
The total loan is 135k for a 180k property. The loan originating fee of 3.4k seems high. My closing costs are almost 9%. Does this seem normal?
A. Origination Charges | $3,412.50 |
| 01 % of Loan Amount (Points) | |
| 02 Loan Origination Fee | $3,412.50 |
| B. Services Borrower Did Not Shop For | $1,060.91 |
| 01 Appraisal Fee to | $390.00 |
| LLC 02 Condo Questionnaire Fee to | $300.00 |
| 03 Credit Report Fee to | $91.42 |
| 04 Flood Certification to | $10.65 |
| 05 Investment Home Appraisal Fee to | $150.00 |
| 06 MERS to | $24.95 |
| 07 Tax Service Fee to | $93.89 |
| C. Services Borrower Did Shop For | $3,663.00 |
| 01 Title - Chain of Title to | $250.00 |
| 02 Title - Closing Protection Letter to | $50.00 |
| 03 Title - Closing/Settlement/Attorney Fee to | $1,650.00 |
| 04 Title - Courier fee to | $45.00 |
| 05 Title - Doc Processing Fee to | $150.00 |
| 06 Title - E-Recording Fee to | $18.00 |
| 07 Title - Lender Title Insurance to | $550.00 |
| 08 Title - Title Endorsement to | $700.00 |
| 09 Title - Title Update Fee to | $150.00 |
| 10 Title - Wire Transfer Fee to | $100.00 |
| D. TOTAL LOAN COSTS (Borrower-Paid) | $8,136.41 |
| Loan Costs Subtotals (A + B + C) | $7,596.41 |
| Borrower-Paid At Closing Before Closing | Seller-Paid At Closing Before Closing |
| Other Costs | |
| E. Taxes and Other Government Fees | $1,021.00 |
| 01 Recording Fees Deed: $98.00 Mortgage: $98.00 | $202.00 |
| 02 City/County Tax Stamps to | $637.00 |
| 03 State Tax/Stamps to | $182.00 |
| F. Prepaids | $772.30 |
| 01 Homeowner’s Insurance Premium (12 mo.) to | $424.00 |
| 02 Mortgage Insurance Premium ( mo.) to | |
| 03 Prepaid Interest ($23.22 per day from 9/16/22 to 10/1/22) | $348.30 |
| 04 Property Taxes (0 mo.) to COOK COUNTY TAX COLLECTOR | $42.12 |
| 5 | |
| G. Initial Escrow Payment at Closing | $1,554.79 |
| 01 Homeowner’s Insurance $35.33 per month for 3 mo. | $105.99 |
| 02 Mortgage Insurance per month for mo. | |
| 03 Property Taxes $360.42 per month for 5 mo. | $1,802.10 |
| 08 Aggregate Adjustment | (-$353.30) |
| H. Other | $1,800.00 |
| 01 Title - Owner's Title Insurance (optional) to | $1,800.00 |
| I. TOTAL OTHER COSTS (Borrower-Paid) | $5,148.09 |
| Other Costs Subtotals (E + F + G + H) | $5,148.09 |
| J. TOTAL CLOSING COSTS (Borrower-Paid) | $12,131.07 |
| Closing Costs Subtotals (D + I) | $12,744.50 |
| Lender Credits | ($1,153.43) |