Anyone familiar with loans in Michigan / closing costs?

[Courtney M.]

I just got a quote back for a loan for a SFH in southeast Michigan. At $89k ask, there are $5,500 in closing costs ($1,500 of that is tax prorations) and then $2,100 in prepaids (insurance/taxes). The closing costs seem high, but this is the first estimate I have received back. I plan to get a few other quotes but I have no idea if this is typical.

Processing Fees $495.00

Underwriting Fees $695.00 

Loan Administration $58.00

Fee Discount Points $719.20

Appraisal $515.00

Title - Wire / Courier Fee $85.00

Settlement Fee $550.00

Lender's Title Insurance $450.00

Recording Fees $90.00

Realtor/Broker Service Fee $395.00

Tax Prorations $1,500.00

Total Estimated Closing Costs $5,552.20

[Richard Ball]

These are high and it depends on your lender

Processing Fees $495.00

Underwriting Fees $695.00 

I just had a closing and here were the charges from the lender for them

Processing Fees $225.00

Underwriting Fees $225.00

Origination Fees $300.00

As stated above this is garbage and I would consider a new Realtor

Realtor/Broker Service Fee $395.00

So there is $835 you are over paying but you can't get rid of it unless you switch your lender and agent but based on the fact you have closing costs those actions would probably cost you the deal. I would recommend that course of action on the next house.

Also some lenders are now willing to pay your appraisal fee at closing so you could have gotten that $515.00 fee credited back to you towards closing costs. With that credit you would have a total savings of $1,350.