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05/13/2006: "How Much are Closing Costs"

Joe Wilson
MortgageMax

Approximately $2,200 in closing costs are fixed. This amount includes fees such as: Appraisal, Credit Report, Tax Related Service, Processing, Underwriting, Title Work, Wire Transfer, Closing, and Recording.

Your mortgage broker origination fee is a percent of the loan and varies depending on the loan. The industry average usually ranges from 1%-1.5%

The total costs of your loan can be estimated in the following table:
Loan
Amount
Costs
(% of loan)
> $300,000
1.5% or less
$300,000-$200,000
1.75%-2.0%
< $200,000
2.0-2.5%

Other costs that you may encounter when getting a loan are your Homeowner’s Insurance, Taxes, and Interest costs. These are costs you will pay regardless of the loan you do. Your current lender will refund to you insurance and taxes that they are holding on your behalf after closing.

HOW TO COVER THE COSTS:
Your approach to covering the closing costs of your loan may differ based upon how long you are planning on having the loan.

If you plan to have the loan for less than 3 years, the following is the order in which you should consider covering your closing costs:
1. Increase the interest rate, allowing the bank to pay for some or all of the costs (sometimes known as a no-cost closing).
2. Increase the loan amount to cover the closing costs.
3. Pay the closing costs with cash at the closing.

If you plan to have the loan for more than 3 years, the following is the order in which you should consider covering your closing costs:
1. Pay the closing costs with cash at the closing.
2. Increase the loan amount to cover the closing costs.
3. Increase the interest rate, allowing the bank to pay for some or all of the costs (sometimes known as a no-cost closing).

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Entries

04/03/2006: Staging a Home
03/11/2006: How Much are Closing Costs
02/10/2006: Looking for that vacation home? Maybe a group is better to help you buy
02/05/2006: I need a place to live. Does anyone have $20MM to lend me?
01/31/2006: National Foreclosures Up in 2005
01/27/2006: Denver Skyline gets a new addition
01/23/2006: Mile High Bankruptcies and Foreclosures
12/28/2005: Housing-bubble shield
12/28/2005: Used home sales reach record $14.9 billion
12/27/2005: Higher end houses inflation proof?
12/27/2005: Colorado Real Estate Bubble a myth?
12/19/2005: Real Estate Season is Almost Open
12/02/2005: Good time to invest in a rental property?
12/02/2005: Someone ran over my dogma with karma
11/28/2005: Home sales off from last November
11/28/2005: Mile High homes
11/28/2005: Homeowners look to refinancing mortgages
11/28/2005: Number of homes sold down, prices up
11/21/2005: Sales of new homes flat
11/17/2005: OPINION - Javad Heydary
11/16/2005: Home price growth lags
11/16/2005: The world’s worst mortgage
11/10/2005: Congress should ax public land giveaway
11/07/2005: Realtors up in arms about mortgage tax break change
11/07/2005: Bush considers abolishing mortgage tax break! Not good for owners.
11/02/2005: Woman sells house with added bonus... a wife!
10/24/2005: Just some news on the Denver Real Estate front - priced below market?
10/11/2005: Denver or the mountains, a good investment in Colorado
10/10/2005: Denver Real Estate Growth Reasonable
09/15/2005: FEMA starts to allow groups in to start rescuing animals
09/01/2005: Would you bet on Median Home prices
08/30/2005: RE/MAX plans to post all U.S. listings online
08/29/2005: Denver Real Estate Market News
08/26/2005: Denver Median Home Price Sets Record
08/25/2005: Denver Real Estate
//20:




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