Excessive Closing Costs?

[JM I.]

I'm in the process of buying my first property (a condo in the northern suburbs), and I close in mid-October. It will be my primary residence (not an investment) and I'm putting 20% down. My FICO is 804 and I was approved for a  rate of 4.125% on 30 year conventional. The selling price is $130k. I recently received the following closing fee breakdown:

Closing Cost Details

Loan Costs

A. Origination Charges

Origination Fee $1,095

B. Services You Cannot Shop For

Appraisal Fee $350

Credit Report $33

Doc Prep $17

Field Review of Appraisal $125

C. Services You Can Shop For

Title - Chain of Title $250

Title - Closing Fee $1,500

Title - Closing Protection Letter $100

Title - ILAPLD (SB 1167) $50

Title - Lender's Title Insurance $1,700

Title - State of IL Loan Policy Fee, State of IL Owners $3

Title - Title Update Search $125

D. TOTAL LOAN COSTS (A + B + C)

$5,348

Other Costs

E. Taxes and Other Government Fees

Recording Fees and Other Taxes $375

Transfer Taxes

F. Prepaids

Homeowner's Insurance Premium ( months)

Mortgage Insurance Premium ( months)

Prepaid Interest ($11.7534 per day for 20 days @4.125 %) $235

Property Taxes ( months)

G. Initial Escrow Payment at Closing

Homeowner's Insurance $30.00 per month for 3 mo. $90

Mortgage Insurance per month for mo.

Property Taxes $160.14 per month for 5 mo. $801

H. Other

Attorney Fee for Personal Representation $500

Condo Questionnaire $295

I. TOTAL OTHER COSTS (E + F + G + H)

$2,296

J. TOTAL CLOSING COSTS

D + I

Lender Credits -$357

Calculating Cash to Close

Total Closing Costs (J) $7,287

Closing Costs Financed (Paid from your Loan Amount) $0

Down Payment/Funds from Borrower $26,000

Deposit -$3,000

Funds for Borrower $0

Seller Credits $0

Adjustments and Other Credits -$1,655

Estimated Cash to Close $28,632

I know it includes some prepaids, but do any of these fees seem ridiculously high to anyone else? Specifically, the title fees.

[Eric Hardt]

@JM I. I know you didn't ask for advice here, but who are you using for a lender? I'm surprised with your credit and down payment that you couldn't get a rate a bit lower. I figured you'd be able to get 3.875 right now.

Just make sure you shop around. Some big banks will even match the rate of discount/online brokers.