mortgage settlement costs

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mortgage settlement costs

 

 

7.  Settlement costs

 

When you go to settlement on purchase of real estate, there a number of fees and expenses presented at closing. Some of these are associated with the mortgage. Others are associated with taxes, insurance, escrow fees etc. Typical of those associated with the mortgage, and what might be considered a typical amount (but they can vary widely) are:

Loan origination fee...............................Up to 1% of the mortgage amount

Appraisal fee (for having the property appraised)................$ 300

Credit reports (to verify that you are credit-worthy)............$  50

Title company fees.....................................................$ 300

Title insurance....................................... of 1% of the mortgage amount

Underwriting fees......................................................$ 300

Document preparation fees..........................................$ 250

Tax service fees.........................................................$  75

Recording fees...........................................................$ 150

Processing fees..........................................................$ 250

Mortgage interest for the current month.....Varies with settlement date

Private mortgage insurance.......................0-3/4 percent of the loan amount.

Again, the amounts shown are typical but in no way represent what YOU will be paying on your specific mortgage.

 

Just to remind you, there are also settlement costs outside the direct costs associated with the mortgage. Typical costs are:

State taxes (if applicable)..........................................Varies by state

Property survey (if applicable)....................................Typically $300

Down payment.............varies, typically 10 to 25% of the property value

Real estate property taxes in advance...........................Varies

Discount points..................................0-3 % of the mortgage amount

Home owner’s insurance in advance, varies.......25% of the property value annually for example

Homeowner’s association dues, if applicable, in advance.........Varies

Condominium association fees, if applicable, in advance..........Varies

Your attorney’s fees....................................................Varies

The above list is not necessarily complete. It is presented to give you an idea of the many costs you can expect to see at the settlement table. Your broker or lender should give you a list of the settlement costs in advance of settlement. This list is know as a Good Faith Estimate of Settlement Costs. It is advisable to have some extra funds available at settlement, just in case there are some mistakes.

 

 

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