Hello. As a first time buyer I went forward with the mortgage company my realtor recommended and now I'm worried I did not get enough competitive offers for a loan. About us: My partner and I have excellent credit (~800), <1% debt-to-income, stable and verifiable employment for the last 5 years, never declared bankruptcy. Our offer of $600k was accepted.
Does anything about the closing cost or rate seem unusual? I started getting calls from other mortgage companies telling us we're overpaying. We close in 7 days.
Loan: $560,000
Rate: 2.875%
Down payment: 6.5%
Type: Conventional; 30-year fixed
PMI: Buying out upfront
State: California
Borrower-Paid
A. Origination Charges $2,746.07
0.134 % of Loan Amount (Points) $751.07
Processing Fees $695.00
Underwriting Fees $1,300.00
B. Services Borrower Did Not Shop For $7,530.45
Credit Report to S1L FBO Factual Data $84.00
Flood Certification to S1L FBO ServiceLink National Flood $9.00
Mortgage Insurance Premium to National $4,988.45
Title - Endorsements Title Company $50.00
Title - Escrow Fee Title Company $630.00
Title - Lender's Title Insurance Title Company $994.00
Title - Loan Tie In Fee Title Company $325.00
Title - Notary Fee Title Company $225.00
Title - Recording Service Fee Title Company $25.00
Title - Sub Escrow Fee Title Company $150.00
Title - Wire Fee Title Company $50.00
C. TOTAL LOAN COSTS (Borrower-Paid) $10,276.52
Loan Costs Subtotals (A + B) $10,276.52
D. Taxes and Other Government Fees $200.00
Recording Fees Deed: $200.00
E. Prepaids $1,723.74
Homeowner's Insurance Premium (12 mo.) $929.04
Prepaid Interest ( $44.15 per day) $794.70
F. Initial Escrow Payment at Closing $4,604.10
Homeowner's Insurance $77.42 per month for 3 mo. $232.26
Property Taxes ($767.35 per month for 6 mo.) $4,604.10
Aggregate Adjustment -$232.26
G. Other $2,399.00
Reconveyance Fee to County Land Trust $1,512.50
Title - Owner's Title Insurance (optional) $886.50
H. TOTAL OTHER COSTS (Borrower-Paid) $8,926.84
Other Costs Subtotals (D + E + F + G) $8,926.84
I. TOTAL CLOSING COSTS (Borrower-Paid) $19,203.36
Closing Costs Subtotals (C + H) $19,203.36
Thank you.
