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Services you can and cannot shop for

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Anonymous
Not applicable

Services you can and cannot shop for

I just got my loan estimate today, and the closing costs were much higher than I anticipated. Here is the breakdown:

Cannot Shop For:
- appraisal fee 525
- appraisal field review 150
- credit report 100
- flood cert 10
- tax service fee 83

Services You Can Shop For:
- TITLE- endorsements reconceyance fee $180
- TITLE - municples $520
- TITLE - pick up and delivery $250
- Title - Attorney Fees $925
- Title- Lenders Title Insurance $481
- TITLE - Owners Insurance $1,955 (optional)

Underwriting Fee - $995
Transfer Taxes - $4,680
Recording Fees & Other Taxes - 650


The sale price of the house is $450K and we are putting down 20% on a conventional loan. Are these figures high or were my expectations unrealistic?
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Services you can and cannot shop for

That title insurance seems expensive, but everything else seems in line with purchase price.
Message 2 of 6
Anonymous
Not applicable

Re: Services you can and cannot shop for

Is that something we can negotiate the price on?
Message 3 of 6
CaliforniaLoaner
Valued Member

Re: Services you can and cannot shop for

5151,

 

Those would all be questions for the loan officer you're working with.

 

Off the top, I can tell you that lenders are required to list every fee you COULD be responsible for. I would review your real estate contract to see what portions the sellers are paying for. Out here (California), usually the seller is going to be paying for the transfer taxes as well as the Owners Title Insurance Policy.

 

Everything else looks normal. Be sure to look at the bottom of the loan estimate and see if there are any seller paid items in the final breakdown at the bottom of page 2 of the estimate. If they are not listed, go check out your contract and there will be boxes marked for what the seller will be paying for.

 

PM me if you have any additional questions.

Message 4 of 6
Anonymous
Not applicable

Re: Services you can and cannot shop for

This is a new construction home so it looks like some of those fees the seller would take on are being put on us.
Message 5 of 6
CaliforniaLoaner
Valued Member

Re: Services you can and cannot shop for

Yes, those number would all be correct then....

 

1. Are you using their in-house lender? If so, are they giving you credit for using them?

2. Your other option would be to trade some of it for your interest rate. I.E. if you are getting 4% with no fees, you could take say, 4.25%, and the lender would give you a large chunk back to pay for some of that. .25% would generally be close to a full point credit, depending on the lender and market.

Message 6 of 6
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