say i got a 100K loan; not including points (do most loans have points?), what is a reasonable estimate for closing costs? how much variance is there? i’m curious about conventional loans, but also just about loans in general
all input is greatly appreciated
also, do hard money lenders charge closing costs in addition to their upfront points? if so, what is a typical expectation for % of loan they would charge as closing costs/origination fees?
(and is 8-10% really the norm for up front points?)
nobody? i’m just playing with numbers and am at a loss as far as what % i should assume i will spend on closing costs. any rough ideas would be greatly appreciated
Loan Origination: 1%
Credit Report: $15
Appraisal: $300
Admin Fee: $495
Processing Fee: $250
Underwriting Fee: $500
Flood Cert: $12
Pre-paid Items
Insurance 12 months
Property Taxes 8 months
Days of Interest 20 days
Title
Closing Fee $300
Search $150
Binder $75
Title insurance $4 per $1000
County Recorder $200
These are rough numbers but they should help
Points are only charged if you want to “buy down” the rate. I.E., pay upfront for a lower interest rate.
Points can also work in reverse. The lender can give you a higher rate and not charge lender fees or provide credit towards closing costs.
and by the way 8-10% is waaaaaaaaaaay to expensive, even for hard money. Don’t pay that much. Typical on a 100k loan would be about 4-6% depending if its subprime or A paper, the higher the loan amount, the lower the percentage. (in my experience 
Your closing costs will depend on your application. Not everyone has the same deal. On average, 4EEM is correct. He’s ballpark and a good estimate at that. However, we don’t even know your credit score here. Or the many other questions that make up an application. You really need to have this done before anybody can give you an estimate on how much your loan will cost. There are far too many other factors that play in on figuring out your closing costs. Not everyone’s financial picture is the same.
is what 4EEM said regarding closing costs all paid up front out of pocket or can a portion of these be put into the loan??
Re:what is a typical % of total loan that is charged as 'closing costs'? - NEW
« Reply #3 on: Mon. Jul 24, 2006, 09:07 AM » Reply with quote
Loan Origination: 1%
Credit Report: $15
Appraisal: $300
Admin Fee: $495
Processing Fee: $250
Underwriting Fee: $500
Flood Cert: $12
Pre-paid Items
Insurance 12 months
Property Taxes 8 months
Days of Interest 20 days
Title
Closing Fee $300
Search $150
Binder $75
Title insurance $4 per $1000
County Recorder $200
These are rough numbers but they should help
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Patrick S. Lawson Jr.
Highland Banc
Phone (614) 483-4323
Fax (614) 781-1558
Q: is what 4EEM said regarding closing costs all paid up front out of pocket or can a portion of these be put into the loan??
A: you can put them out of pocket or put them in the loan… depending on whether it is a refi or purchase… depending on whether you want to pay interest on your closing costs or not since they are included in your APR. If a purchase, you might try to work with the seller in sharing the cost. Many lenders will allow for 6% closing costs to be paid by the seller.
hope this helps.
yes this does help thanks a lot…
providing the seller is willing to pay 6% towards closing costs. usually in the dfw area these costs are then back on the buyer in the price of the home.
Here is a good faith estimate I recd. for a $125K price with 20% down.
Closing costs
Origination Fee = 1400 (flat fee)
Appraisal Fee = 425
Credit Rpt = 20
Tax Related Service fee = 69
Processing fee = 275
Flood Cert= 17.50
Doc Prep = 100
Admin fee = 500
Closing and Escrow fee = 250
Title Insurance = 250
Courier fee = 50
Recording fee - 100
Survey = 350
Some items seem high to me - what do y’all think??
Pre-paid items separately listed.