General Closing Costs
IMPORTANT NOTE TO CUSTOMERS: The closing costs below are for information only; actual costs may be adjusted due to a number of variables, including, but not limited to:
- Credit.
- Income and asset profile.
- Down payment or equity in the property you wish to mortgage.
- Property type.
- Loan purpose.
- Occupancy.
- Loan size.
- Changes in current market conditions; such changes occur daily, and sometimes several times per day.
For these reasons, Owl Tree Mortgage Company requires that you contact us to obtain an accurate rate and closing cost quote. A rate and fee request can be made online; we will reply promptly, without obligation on your part.
The list below is not intended to replace a Good Faith Estimate of Settlement Costs, but rather, to provide a general idea of the range of costs associated with the mortgage process:
- Discount points: 0%, but if customer wishes, they may elect to pay discount points to lower their interest rate.
- Appraisal: $275 - $500 (depending on property type, report required).
- Credit report: $13-$45.
- Processing fee: $0-300 (depnding on program selected).
- Underwriting/Lender fee: $0 - $795 (depending on program selected).
- Per Diem Interest: Daily rate; varies according to interest rate, loan amount, and closing date.
- Title Costs / refinance: $425-$500.
- Title Costs / purchase: $800-$2000+ (depending on loan size - title is ordered by the seller's attorney in a purchase transaction, so this information would be provided by the seller).
- Recording Fees: $50-$100 (charged by the County).
- Transfer Stamps: Determined by individual city; Normally, the charge is $0 to the buyer; a notable exception is Chicago, where the transfer charge is $7.50 per $1000 (i.e., a $300,000 transaction would cost $2250).
- Hazard insurance: $300 - $1200 (depending on value of home and coverages selected). Normally, one year of insurance coverage is required to be prepaid. Consult with your insurance agent on the details. Note: if your insurance coverage is part of a master insurance policy (e.g., a condominium), individual hazard insurance policies are not required.
- Insurance escrow: Normally, this is 3/12ths to 6/12ths of the annual insurance premium.
- Tax escrow: Normally, this is approximately 1/2 of the annual insurance premium.
As you can see, there is a wide range in costs, depending upon the factors noted above. Therefore, we recommend that you contact us with the particulars of your financing request so that we can provide a more focused cost quote.
If you submit a mortgage application with Owl Tree, you will receive a comprehensive Good Faith Estimate that is calculated according to your specific financing request.
|