Is there a way to kind of estimate what the closing fees would be when purchasing a home?? We met with a mortgage broker and the approximate fees he told us seemed to be really really high, but I know nothing about this stuff. Just wanted to know if there is a way to estimate what they would be. Does it depend on the mortgate amount?
MEL0880
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Re: closing fees????????
It depends on the amt of the mortgage and your taxes and also the day of the month you close, thats why he can only give you an estimate b/c he won't know the exact amt until the day before or the day of closing. My lawyer didn't tell us until the day of.. lol.. i was freakin out.. usually its 3 -4% of the mortgage amt.. hope this helps...
And Congrats on your house!!!!!!
Firkx3
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Re: closing fees????????
Thanks, that is what everyone is telling us, but the estimated amount he gave us was really high
jmd75
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Re: closing fees????????
First Congrats on your house!!! I've worked for a mortgage company for about 6 years now and I would say to be sure to get a copy of a good faith estimate so you see the exact break down of the fees. Keep in mind it is an estimate because things will adjust (depending on the day of the month you close - closer to the end of the month is cheaper) depending on the month your taxes are due and how much they need to collect. But I would get a copy of the good faith estimate so you see what the broker charges are. There are fees that will not be controlled by the bank or broker like state mortgage tax and title insurance but there are fees that you want to be aware of - any broker fee's, origination fees, processing, underwriting. Feel free to FM me with any questions and best of luck to you and FH.
CD516
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Re: closing fees????????
Posted by jmd75
First Congrats on your house!!! I've worked for a mortgage company for about 6 years now and I would say to be sure to get a copy of a good faith estimate so you see the exact break down of the fees. Keep in mind it is an estimate because things will adjust (depending on the day of the month you close - closer to the end of the month is cheaper) depending on the month your taxes are due and how much they need to collect. But I would get a copy of the good faith estimate so you see what the broker charges are. There are fees that will not be controlled by the bank or broker like state mortgage tax and title insurance but there are fees that you want to be aware of - any broker fee's, origination fees, processing, underwriting. Feel free to FM me with any questions and best of luck to you and FH.
Im a mortgage broker and i agree. Make sure you get everything in writing. There really is no general rule of thumb as far as a percentage but usually it works out between 3-4%. You want to make sure you are not being charged origination points, or broker fees. If you have any questions feel free to FM me.
