What should my closing costs be?

[Anonymous]

Trying to inquire on what will be the total moneys needed to close on a home.

203k product

Total loan will be 325k

3.5% down payment

Tax-3293 yearly

3 family home

30 year - rate (5.3)

[Anonymous]

If there is any info missing that is required please advice.

Thanks

[ShanetheMortgageMan]

Where are you buying?

If no points are being paid, rough estimate would be around $7-8k for total settlement costs.

[Anonymous]

Shane appreciate your response.   The following is what I was given as an approximation of what my costs will be.  I'm buying a home in N.Y  (bronx, ny)  Does the following below look about right?

APPROXIMATE COST OF CLOSING FEES	TOTAL
OUR ORIGINATION CHARGE	1,099.00
CREDIT OR CHARGE (POINTS) FOR THE SPECIFIC INTEREST RATE CHOSEN*	0.00
CREDIT REPORT(S)	25
APPRAISAL(S)	745
FLOOD LIFE OF LOAN FEE	19
CONSULTANT FEE (RENOVTN)	900
ABSTRACT OR TITLE SEARCH	350
DOC PREP FEE - ATTORNEY	400
ATTORNEYS FEE	1,000.00
TITLE INS-LENDER COVERAGE	666
TITLE INS-OWNERS COVERAGE	1,140.00
ENDORSEMENT TO TITLE-OTHER	250
RECORDING FEE - DEED	47
RECORDING FEE - MRTG/DOT	107
MORTGAGE REGISTRATION TAX	5,712.00
TRANSFER TAX	3,220.00
FHA UPFRONT MIP	5,488.44
Total Approximate Cost of Closing Fees:	21,168.44
APPROXIMATE COST OF PREPAID INTEREST AND ESCROW/RESERVES	TOTAL
* May include fees represented by temporary buydown funds, discount point charges or credits, or a combination (if applicable).
Interest - estimated 16 days @ 46.99  /day	751.84
Real Estate Tax Escrow (e.g. County, City, Town, Water, School) and Insurance Escrow (e.g. Hazard, Flood, Earthquake)	1,482.67
1st Year Insurance Premium (e.g. Hazard, Flood, Earthquake)	1,540.00
Aggregrate Adjustment	-256.66
Total Approximate Cost of Prepaid Interest and Escrows:	3,517.85
Total Approximate Cost of Settlement Charges:	24,686.29
APPROXIMATE TOTAL OF FUNDS NEEDED TO CLOSE:
Purchase Price/Total Liens	325,000.00
less Earnest Money	0
less Total Loan Amount	319,113
less Secondary Financing Amount	0
plus Approximate Closing Fees	21,168.44
plus Approximate Prepaid Items/Reserves	3,517.85
less Costs Pd By: Seller/Lender/3rd Party	0
less Items Paid Outside of Closing (POC)	0
Total Approx Funds Needed To Close:	30,573.29
APPROXIMATE TOTAL MONTHLY PAYMENT:
Interest Rate	5.375
Maturity Term	30
Principal & Interest (Or Interest Only pymt)	1,786.94
Other Financing (P&I)	0
Real Estate Taxes	274.42
Insurance	128.33
Homeowners Association (if appl)	0
Mortgage Insurance (if appl)	129.86
Total Approximate Monthly Payment:	2,319.55

[ShanetheMortgageMan]

Welcome.  NY has the highest closing costs out of any state, and all of the items listed appear to be normal for buying a home there at your price level.

[Anonymous]

I have the same question. According to the fees below does this seem correct? I am purchasing in the state of GA. I am using DP assistance. The price of the home is $148,000 and I will receive $24800 in DP assitance which decreases the loan amount to $123,200.  Should my closing costs be this high?

ITEMS PAYABLE IN CONNECTION WITH LOAN	TOTAL
LOAN ORIGINATION CHARGE	1250.00
LOAN DISCOUNT FEE- TO MORTGAGE COMPANY	1278.12
CREDIT REPORT(S) TO OTHER	18
APPRAISAL FEE-TO OTHER	350
LOAN PROCESSING FEE- TO MORTGAGE COMPANY	400
UNDERWRITING FEE - TO MORTGAGE COMPANY	495
DOC PREP FEE – TO MORTGAGE COMPANY	350
GEORGIA PER LOAN FEE-TO OTHER	6.50
ADMINISTRATION FEE- TO MORTGAGE COMPANY	50
ASSET EVALUATION SERVICES FEE-TO OTHER	50
TITLE CHARGES
TITLE EXAMINIATION FEE	125
ATTORNEY FEES	450
LENDER’S TITLE INSURANCE	281.19
OWNER’S TITLE INSURANCE	552.80
TAX CERTIFICATE	0
TITLE/WIRE/COURIER/EMAIL	50
OWNER’S TITLE POLICY CREDIT- TO MORTGAGE COMPANY	0
GOVT RECORDING AND TRANSFER CHARGES
RECORDING FEE	125
GA INTANGIABLE TAX	383.44
TRANSFER TAX TO COUNTY AND STATE	148
ADDITIONAL SETTLEMENT CHARGES
SURVEY FEE	0
ADA (DPA) SETUP FEE	1000
TAX PRORATION BUYER CHARGE	0
ESTIMATED CLOSING COSTS	7313.05
ITEMS REQ’D BY LENDER TO BE PAID IN ADVANCE
PREPAID INTEREST-TO MORTAGE COMPANY	70.04 (4 DAYS @5%= $17.51/DAY)
MORTGAGE INSURANCE PREMIUM	2812.50
HAZARD INSURANCE	600
RESERVES DEPOSITED WITH LENDER
HAZARD INSURANCE	100
MORTGAGE INSURANCE TO OTHER	0
COUNTY PROPERTY TAXES	2059.75
AGGREGATE ADJ-TO MORTGAGE COMPANY	-150
ESTIMATED PREPAID ITEMS/RESERVES	5492.29
TOTAL ESTIMATED SETTLEMENT CHARGES	12805.34
TOTAL ESTIMATED FUNDS NEEDED TO CLOSE
PURCHASE PRICE	148,000
TOTAL LOAN AMOUNT	127,812
ESTIMATED CLOSING COSTS	7313.05
ESTIMATED PREPAID ITEMS	5492.29
TOTAL ESCROW DEPOSIT	1000
TOTAL TO BE PAID BY OTHERS	7000
OTHER FINANCING	24800
TOTAL ESTIMATED CASH FROM BORROWER	193.34
ESTIMATED MONTHLY PAYMENT
PRINCIPAL & INTEREST	686.12
HAZARD INSURANCE	50
PROPERTY TAX	187.25
MORTGAGE INSURANCE	56.91
TOTAL ESTIMATED MONTHLY PAYMENT	980.28

[ShanetheMortgageMan]

It depends on the loan program and interest rate.  Since you are getting down payment assistance (GeorgiaDream perhaps?) the terms for the mortgage may not be as favorable as if you weren't using a special program.