A. Total Lender Fees
This number changes from lender to lender and when shopping for your absolute best loan terms make sure to get each lenders total closing costs by asking them to itemize each as,
1.
Origination Fees
Blink
This fee goes directly to your Loan Officer & Lender
2.
Processing Fees
Blink
Usually $500 - $1,000 for either an in-house or a 3rd party person to assist in the fulfillment of your loan
3.
Underwriting Fees
Blink
Typically $1,000 - $1,500 that help cover overhead and administrative costs incurred by your lender (plus it adds to their overall profit margins)
4.
Other Fees
Blink
Here you're looking for things like Admin, Application, Rate Lock and/or any other creatively marketed fees that add to your bottom line
5.
Interest Rate Buy Down
Blink
Here you are buying down your interest rate to receive a lower rate than the market is currently offering
Add It All Up!
Total Lender Costs
** The numbers below do not change from lender to lender as mortgage lenders do not impact these costs.
B.
Down Payment
Total dollar amount you are placing as a Down Payment
C.
Closing Costs
3rd party costs like Appraisal, Attorney, Recording, Survey, Title Compnay and a few others. This amount tends to range from $1,500 - $2,500
D.
Pre-Paid Items
Includes your initial 12 months of homeowners insurance and daily interest
E.
Escrow Set Up
Want your property taxes and homeowners insurance included in your monthly payment instead of paying them as a lump sum once a year? This is where you set that up
F.
Earnest Money
Typically 1% of the Purchase Price and is your good faith deposit
G.
Calculate Your Total
