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Updated almost 12 years ago on . Most recent reply

User Stats

108
Posts
22
Votes
Mike D.
  • Middletown, NJ
22
Votes |
108
Posts

first time buyer - closing costs

Mike D.
  • Middletown, NJ
Posted

I am looking into purchasing my first property, an owner occupied duplex. I got pre-approved with Wells Fargo and I was given this "Approximate Loan Cost Illustration". Being my first purchase, I don't have anything to reference. Is this normal or should I be shopping around? It is a 203k loan and they quoted me at 4%.

ORIGINATION CHARGE 2,952.54
CREDIT REPORT(S) 11.77
APPRAISAL(S) 685.00
FLOOD LIFE OF LOAN FEE 19.00
TAX SERVICE FEE- FHA 80.00
CONSULTANT FEE-RENO FHA 700.00
TITLE INS-LENDER COVERAGE 25.00
TITLE INS-OWNERS COVERAGE 1,000.00
ENDORSEMENT TO TITLE-ALL 100.00
CLOSING/ESCROW/SETTLEMENT 1,145.00
RECORDING FEE - DEED 140.00
RECORDING FEE - MRTG/DOT 260.00
STATE TAX STAMP - DEED 868.00
SURVEY 750.00
PEST INSPECTION 95.00
COURIER/MSNGR-3RD PARTY 100.00
FHA UPFRONT MIP 3,124.91

Estimated closing costs amount to just over $12,000. Purchase price for the duplex is around $180,000. Removing the upfront mortgage insurance premiums(3,124) drops the closing costs to around 9k or 5% of purchase price. Is this typical?

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