My first rental purchase..here are the closing costs..
I just closed on my first SFR in Memphis and was a little surprised at how much closing costs were. I have 2 more in escrow scheduled to close end of the month. I would like opinions on the costs if they seem average or not. If there is a way to reduce the costs on the next two I am all ears.
A. Origination Charges $1,545.00
02 Processing Fees $550.00
03 Underwriting Fees $995.00
B. Services Borrower Did Not Shop For $534.50
01 Appraisal Fee $495.00
02 Credit Report $27.50
03 Flood Certification to CoreLogic Flood Services $12.00
C. Services Borrower Did Shop For $1,895.60
01 Home Inspection $250.00
02 Pest Inspection Fee $75.00
03 Title - Closing Protection Letter $50.00
04 Title - Lender's Title Insurance to Title Service $783.60
05 Title - Notary Fee to CSS $150.00
06 Title - Overnight / Express $25.00
07 Title - Settlement Fee to Title Service $562.00
D. TOTAL LOAN COSTS (Borrower-Paid) $3,975.10