Closing Cost Fees, Good Faith Estimate
Closing Cost Fees
Mortgage costs for many buyers
can be overwhelming. You can always negotiate the price of the home including
mortgage closing costs. Some sellers are willing to cover a percentage of the
costs involved with closing on a loan. This will decrease the amount of money
out of pocket you need to deliver on the day of the
closing.
This is for purchase loans only. All our fees are
based on third party fees, no junk fees. We make half the profit of other
brokers. The settlement statement charges and name
of the fees may be different from state to state. At
Inter-Lake-Lending we charge the very minimum and find the
lowest cost saving services (title company). You have the right to choose who you want to use for the services. When you receive a
good faith estimate at the time (within 3
business days) when you applied for a loan - please check all the fees charged - remember to take it with you to the closing
of your loan. You can apply online with us today and find out what are the minimum costs of doing a loan.
A Michigan Mortgage Company considers "JUNK FEES" as:
Application fee, discount points, funding fee, admin. fee, cancel fee, broker fee, or any other fee not paid to a third party for services,
except the processing fee. We want you to save money.
Closing Cost Fees
|
801. Loan origination fee (points)
802. Loan discount
803. Appraisal
804. Credit report
805. Lender's inspection fee
806. Mortgage broker fee
807. Tax related service fee
808. Processing fee
809. Underwriting fee
810. Wire transfer fee
811. Flood certification fee
812. Lender fee
813.Other 901. Interest for
902. Mortgage insurance premium
903. Hazard insurance premium
904. Other pre-paid charge
905. VA Fee
1001. Hazard insurance
1002. Mortgage insurance
1003. School taxes
1004. Property taxes
1005. Flood Insurance
1101. Closing / escrow fee
1105. City/county tax/stamps
1106. Notary fee
1107. Attorney fees
1108. Title insurance
1302. Pest inspection |
0 to 4% of the loan amount
0 to 2% of the loan amount
$250 to $375 varies by state
$9.00 to $18.00 standard fee
Shop in your area for inspector
0 to 4% of the loan amount
$71 is the average charged
$300 to $500 for this standard fee
$395 to $695 charged by lender
$0 to $150 charged by lender
$4 to $13 charged flood company
$395 to $899 by lender
Other
Prepaid interest from 1 to 30 days
Prepaid two(2) months in advance
Prepaid twelve(12) months - purchase
Other charges with monthly fee
2% to 3% VA funding fee
Included in escrow account
PMI insurance included in escrow
Included in escrow account
Included in escrow account
Included in escrow account
Charge $250 - $300 closing
Taxes on gain of property sale
A charge in some states
Attorney Charge - if applicable
Standard fee charged
Paid by borrower - if applicable
|
If you have any questions about your fees or want a second opinion on fees that is charged to you from another
lender or broker. Inter-Lake Mortgage Company, LLC does not charge junk fees. Please contact us anytime at (616) 301-1811, or Email us at
Rommie.Bailey@Inter-Lake-Lending.com |
