USUAL CHARGES TO THE BUYER

For New Financing Only

ALTA Policy of Title Insurance

Based on the title company rate for the amount of the new loan. If loan is an adjustable, some lenders require a higher insurance amount to allow for negative amortization.

Endorsements

Required by lender for title policy and usually for an adjustable loan. Estimate - $100.00. Some title companies do not charge any fee for this requirement.

Recording Fees

The buyer pays the fee to record the Grant Deed and Trust Deed. Usually $60.00 to $80.00. (And any other documents recorded on behalf of the buyer.) $6.00 for the first page and $2.00 for each additional page.

Insurance

Lenders require the first year premium be paid in escrow. Impounds if required as well.

Loan Fees

  • Loan Fee (Points) - percentage of the loan amount established by lender.
  • Credit Report Fee - $50.00 - $75.00 each report.
  • Appraisal Fee: - $300.00 - $500.00 & up based on value.
  • Document Fee - $200.00 as high as $450.00
  • Tax Service - usually $80.00
  • Processing Fee - $150.00 - $400.00
  • Underwriting Fee - $200.00 - $500.00
  • Wire Fee - $25.00 - $75.00
  • Courier Fees - $30.00 - $50.00 ( Federal Express etc. approx. $20.00 each)
  • Interest (prepaid) - charged from day of funding, to the first of the month following closing date, or whatever date loan payment is due.

Escrow Fees

Buyer pays one-half, unless VA or FHA financing.

Homeowner Association

Buyer is charged for dues for the following month in escrow and dues are prorated from closing to the end of the month. Buyer may be charged the transfer or document fees.

Taxes

May be a charge or a credit to the buyer depending on the time of the year escrow closes.

Seller Financing or Assumption

Usually there are no loan fees on seller financing. For assumptions, most lenders charge a 1% fee based on the unpaid balance of the loan.

Copyright ©2003-2009 Deborah Zisch. All rights reserved.
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