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Help on closing costs

Can i get some opinions on the closing costs quoted for an FHA loan. I am new to this process and would like to know what some of the experienced people think.


550 K FHA Loan With 3.5 % down.

Fee
Processing Fee    $695
Credit Report    $15

Estimated Outside Fees
Appraisal     $400
Escrow        $1200
Points 1%     $4909
Tax Service     $74
Under Writing     $650
Flood Cert    $16.00
Wire Fee    $45.00
Recording Fee    $40.00
Title Insrnce    $900

Prepaid Items
1st Half Property Taxes     TBD
3 Months Tax Impounds        975.63
1st Year Prop Insurance        800.00

Total :     $8944
+ Down payment

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February 17 2009 - Encino
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Answers (4)

Is this a refinance or a purchase?
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February 18 2009
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Thank you for the answers . The rate offered was 5.375 after charging a point. 
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February 18 2009

Not sure where I got 5.5% from, maybe my brain was working overtime. So, it depends on your rate. At 5% it's a good deal, and becoming less of a good deal as you move up the scale.

Hope that helps.

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February 18 2009
Just looking at these line 800 fees and ignoring the rest because they will be whatever they are:

550 K FHA Loan With 3.5 % down.
Standard

Processing Fee    $695
Appropriate

Credit Report    $15
Appropriate

Appraisal     $400
Appropriate

Points 1%     $4909
Excessive (in my opinion) at 5.5% as of the date and time of this posting.

Tax Service     $74
Appropriate

Under Writing     $650
Appropriate

Flood Cert    $16.00
Appropriate

Wire Fee    $45.00
Appropriate

Bottom line. There is nothing outrageous about this loan and you are not being ripped off, but if you are not locked and you have time to close, you could probably save a few thousand dollars in fees. Have you placed a loan request here on Zillow? 
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February 18 2009
 
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