Are there any resources that explain/show what items make up closing costs?
just in general? just look at some.
yours in particular? it should be detailed on the settlement statement or HUD-1.
Just in general. I thought they might be determined by some formula that would allow the costs to be predicted. I have my own personal hud-1 but it is up in the attic. Furthermore…I guess my pointed question is…can the costs be predicted and how does one sale/property vary with another. I am a newbie so just trying to get a grasp on that aspect.
Call a couple of mortgage lenders, real estate agents or title officers. You should be able to come up with some percentages as far as the range of normal closing costs in your area.
2%? 3? 4? It will depend on if you pay points on a new loan. 1 point is 1% of the loan amount.
I don’t think there are any general “rules.” Every bank will be somewhat different.
origination costs. this is the fee to whoever is handling the mortgage. almost all closings will have this.
underwriting fee, mortgage broker fees, just another way for the mortgage co to make money. usually negotiable.
various tax stamp fees, recording/filing fees, flood cert fees, etc. usually small and not negotiable.
junk fees: courier, administrative fees, loan processing fee, tax service fees, document preparation, notary fees, copy/fax fees, etc. negotiable.
credit reports, appraisals, survey. not usually negotiable.
interim interest: bank interest between the closing and first payment.
commissions. negotiable with the realtor
reserves: if you are escrowing taxes and insurance, you’ll be required to prepay a year’s insurance plus a few months extra in advance.
probly left out a few.
That was pretty much what I was looking for, I appreciate it.