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Standard Closing Costs

Standard Closing Costs: These costs can vary depending on loan type and closing costs negotiated on the contract.

Example: 6% interest rate for 30 years Mortgage type: Conventional
Sale Price: $200,000
Less Down Payment (5%) $10,000
Mortgage Loan Amount  $190,000
 
Closing Costs (*= Negotiable)
 
Loan Type:  Conv. FHA/VA
(1) Loan Origination (Lender Fees)  $999 $999
(2) Discount Points Optional $0 $0
(3) Lender Title Insurance  $95 $95
(4) Credit Fee $25 $25
(5) Tax Service Fee $90 $90
(6) Buyer Recording Fee  $54 $54
(7) Escrow Accounts     
        - 3 Months Taxes at $150 $450 $450
        - 2 Month Insurance at $50 $100 $100
(8) One Year Home Owners Insurance  $600 $600
(9) Prepaid Interest (1 Day) End of Month  $26 $26
Total Closing costs:  $2,439 $2,439

 























 

CONVENTIONAL LOANS:  Conventional Loans allow the Buyer to pay any fee.  The Seller is allowed to pay a percentage of the Buyer's Closing Cost based on the down payment.  10% down:  6% Closing Cost, 20% down:  6% Closing Cost, 25% down:  9 % Closing Cost.

FHA LOANS:  FHA allows the Buyer to pay any fee except for the Tax Service Fee.  The Seller must pay the Tax Service Fee.  The Seller is allowed to pay up to 6% of the Buyer's Closing Cost.

VA LOANS:  VA does NOT allow the Buyer to pay Underwriting Fees, Tax Service Fees, Escrow Fees, Lender Fees, Closing Fees, and Commissions of any kind.  The Seller is allowed to pay up to 4% of the Buyer's Closing Cost.
 

The Above Closing Costs are estimates; these can vary depending on the motivation of the Seller, and the interest rate a Buyer selects.

Our goal as your Buyer’s Broker is to negotiate these costs to best suit your needs!

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