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Closing Costs
Closing Costs
Closing Costs will vary depending on the size of your loan, the purchase price or property value and the property's location. Many lenders are not very clear as to what your closing costs will be. Although we can't provide exact numbers we can get pretty close.
Residential Home Funding Corp. is responsible for charges for application fee, tax service fee, flood certification fee and a commitment fee. The other charges are billed by third parties. If your transaction is a refinance we will arrange for the title and closing agent. We will also arrange for the appraisal.
On a Refinance Transaction there will be a full month of prepaid interest collected at the close of escrow. This means that you will not have to make a mortgage payment the following month. Mortgage Payments are paid in arrears, which means when you pay your mortgage payment on the first of the month you are actually paying for the "previous" month interest charges. Our goal is to provide you full disclosure of your costs before you spend any money.
Estimating Closing Costs
Closing costs vary depending on the purchase price of your home or property and the size of your loan. We know that it can be frustrating to not know how much your closing costs may be. Following is a sample estimate of closing costs for a $200,000 conventional loan.
Table 1: Sample PURCHASE Closing Cost Estimate For A Conventional Loan
| Estimate of Closing Costs for a $200,000 Purchase | | Application Fee | $495.00 | | Tax Service Fee | $85.00 | | Commitment Fee | $595.00 | | Flood Certification Fee | $18.00 | | Attorney Fee | $850.00 | | Title Search and Insurance | $1,250.00 | | Survey Fee | $500.00 | | Recording Fees | $150.00 | | | Appraisal | $300.00 |
| Please Also Consider the Following Costs Depending on Your Loan Type | | Pest Inspection | $75.00 | | Underwriting Fee | $450.00 - $900.00 | | Review Appraisal Fee | $100.00 - $300.00 | | Final Inspection by Appraiser | $100.00 - $150.00 | | 3 Month's Real Estate Taxes Escrowed | Calculate | | 14 Month's Hazard Insurance (1yr. paid up front + escrow) | $350.00 - $700.00 | | Don't Forget About These Costs if Applicable: | | Reimbursement to seller for any dues paid in advance | | Condo or lake initiation fees | | Mortgage insurance escrows | | Reimbursement to seller for oil in tank |
Table 2: Sample REFINANCE Closing Cost Estimate For A Conventional Loan
| Estimate of Closing Costs for a $200,000 Refinance | | Application Fee | $495.00 | | Tax Service Fee | $85.00 | | Commitment Fee | $595.00 | | Flood Certification Fee | $18.00 | | Closing Agent Fee | $450.00 | | Title Search and Insurance | $625.00 | | Recording Fees | $150.00 | | | Appraisal | $300.00 | | Please Also Consider the Following Costs Depending on Your Loan Type | | Underwriting Fee | $450.00 - $900.00 | | Review Appraisal Fee | $100.00 - $300.00 | | Final Inspection by Appraiser | $75.00 - $150.00 | | 3 - 4 Month's Real Estate Taxes Escrowed | Calculate | | 3 - 14 Month's Hazard Insurance (1yr. paid up front + escrow) | Calculate | | Don't Forget About These Costs if Applicable: | | Condo or lake dues | | Mortgage insurance escrows |
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