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The closing cost seem so high close to thirteen thousand. Looking over good faith est I add up nine thousand in fees. do not understand why closing cost so high
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Closing cost are in three categories. First is broker fees which includes origination fee, discount fee, underwriting fee, processing fee and maybe a committment fee. Origination and discount fees are negotiable andrange from 1 to three total; underwriting processing and committment range from $700 to $1600 and are either financed in the loan amount or are adjusted for by a higher rate. Second is title company fees and associated charges via the title company. These vary from state to state and include title search, title abstract, closing, notary fee, recording fees, and some misc possibly. the third category is your escrows for taxes and insurance and the per diem interest to the end of the month you are closing; these are non negotiable amounts. Being the end of the year the escrow collection for taxes is going to be the full years taxes and what is in your current account will be refunded from the company you are paying off. FHA loans have a 1.75% charge for insurance of their programs and that can up your closing costs significantly. Ask your broker what the rate would be for no broker nor title fees for options of your loan structure. In New York there is an additonal tax in the boroughs that make closng cost high.
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