Origination Fee, Broker Fee, Processing Fee:
Same thing. Both are fees going to the broker. 1 point is standard for a conforming
loan but BC and Alt-A deals can require up to 4 points because these loans can take a lot more effort and more often die on
the operating table.
Appraisal:
Unless you have phenominal credit and just want to refinance your rate down (no cash out to you)
you will need an appraisal which normally will cost $250 to $350.
Underwriting Fee, Doc Prep, Flood Cert., Tax Cert.:
These are all fees usually going to the lender and they do mostly go to covering specific needs.
Conforming underwriting fees (totaling all of the above) usually come between $500 and $600. BC and Alt-A lenders
vary widely but can go as high as $1200
Title and Settlement Fees:
A title company must do various searchs to certify the house is free of outstanding liens.
They will also charge fees because they do the actual closing of the loan with you. If they are closing in your
home their total fees should fall within $300 to $400. If they close at their location their fees should be no
more than $300.
Title Insurance:
This is required by most states and the rates are regulated by each states Dept of Insurance.
Prepaid Escrow Items:
The key thing to remember is that this money is the estimated amount that your locality and Insurance
company are going to require that you have so just trust the loan officer who gives you the highest estimate and no that if
he is wrong it's more money to you.
Filing Fees:
Filing fees vary due to the local courthouse and how long the mortgage note is. Usually it will
between $50 and $125 but no one knows until the day before the closing.
All of which brings us to the most important right you have as a borrower.
You have by law the right to see your final, exact closing costs 24 hours before closing - don't forget it.
