Loan
origination fee (a percentage; Brentwood's normal fee is -0-)
The fee charged the borrower by the broker/lender to obtain the loan. | $__________ |
Loan
discount fee (a percentage)
The fee charged the borrower by the lender for non-escrow of taxes, unusual properties
(high-rise or non-conforming condo's ), investment property etc. | $__________ |
Appraisal
Fee
The standard fee for up to around $500,000.00 sales price. HVCC rules
apply...price WILL vary. | $375.00 |
Credit
report fee
The standard fee for a married couple with no additions and/or
changes. | $20.00 |
Lenders
inspection fee
This fee is generally for construction loans--normally
around $1000.00. | $__________ |
| Tax
service fee
A fee charged by the lender to cover the cost of hiring a
tax service agency. This agency monitors the property taxpayments for the loan
and insures they are paid on time. If escrowing, they will obtain the tax bill
for the lender. | $72.00 |
Underwriting
fee
The fee charged by the lender for administrative costs/processing
and document preparation.
This fee range is relatively close to the fee charged by most lenders. | $450-$905 |
Flood
certification fee
The fee charged by an outside service to determine
elevation for flood insurance. | $22.00 |
Mortgage
broker fee or Processing Fee
The fee we charge for administrative
costs. We can waive this fee but the interest rate will be higher. It is generally
cheaper in the long run to pay this fee in front rather than to amortize it over
30 years. We generally call this our processing fee. | $325.00 |
Courier
fees
The borrower will only be charged the actual costs. This is
a fairly close estimate of the fed-ex charges for a normal loan. | $00.00 |
Courier
fees--Title Co.
The fed-ex fees the Title company will incur getting
the documents back to the lender the day following the closing. | $60.00 |
Mortgage
broker compensation POC "Paid
outside closing"
The fee paid to the broker by the lender. This
is NOT a cost to the
borrower, but simply a disclosure. | N/A |
Application
fee POC "Paid
outside closing"
Our application fee to cover initial administrative
costs. Will show "POC" on the closing statement. This fee MAY be refunded
at closing through a "broker credit". | $175.00 |
Pre-paid
interest
The interest paid from the day of closing to the first
day of the following month.
Multiply the loan amount by the interest rate, divide by 360 and multiply by the
# of days to the first of the following month.
(EXAMPLE: $100,000 X .08 (8%) = $8000 Divided by 360=$22.22 PER DAY X 10
-- IF THE CLOSING IS THE 20TH OF THE MONTH -- will be $222.22 )
This is the pre-paid interest charged by the lender. | $_________ |
Mortgage
insurance reserves
This is the reserve required by the lender for the
mortgage insurance.
The mortgage insurance rates are as follows:
| (80-85%
.32) | (85-90%
.52) | (90-95%
.78) | (95-97%
.90) | (97-100+%
1.04) | (Multiply
the loan amount times the applicable figure above. Divide that by 12 and
the result will be the monthly mortgage insurance). The lender will generally
require at least 2 months of this figure in reserve at closing. | $_________ |
Hazard
insurance reserves
Take the actual annual premium for homeowners insurance,
divide by 12 and multiply by 3. The lender will generally require 3 months
of insurance reserves. | $_________ |
Property
tax reserves
Take the actual annual tax bill, divide by 12 and multiply
by 3. The lender will generally require 3 months of property tax reserves.
The borrower will be required to pay taxes up through the closing date, but this
will be offset by the amount paid by the seller. 3 months is generally the
out-of-pocket cost paid by the borrower for a purchase...for a refinance the borrower
may be responsible for up to 13 months of taxes. | $_________ |
Homeowners
association pro-rations
Generally speaking, only the management company
will be able to provide the figures to fill in this spot. Everything will need
to be pro-rated to the closing date. | $_________ |
Settlement
or closing fee
This is an approximation of the fee charged by the
title company to close the loan. Some charge less, some charge more. Attorney's
fees may be more than this figure. | $350.00 |
Title
exam and search
This is fairly close to the charge by most title
companies. | $110.00 |
Title
insurance policy
The fee for this is virtually the same from any title
company. There is an owners policy and a lenders policy. Use the sales
price to get the joint figure.
| $75,000=430 | $100,000=575 | $125,000=700 | $150,000=825 | $175,000=950 | $200,000=1075 |
| $225,000=1200 | $250,000=1325 | $275,000=1450 | $300,000=1575 | $325,000=1700 | $350,000=1825 |
| $375,000=1950 | $400,000=2075 | $425,000=2200 | $450,000=2325 | $475,000=2450 | $500,000=2575 |
| $600,000=3075 | $700,000=3575 |
$800,000=4075 |
$900,000=4575 | $1,000,000=5075 |
For higher than $1
Million sales price or an exact quote, call your title agent. | $_________ |
Florida
form 9 endorsement
A title endorsement required by most lenders.
It is 10% of the title policy fee. | $_________ |
Other
endorsements
There may be several. They are $25.00 each. | $_________ |
Recording
fees
This fee is to record the mortgage with the county. It varies
slightly as it is determined by number of pages. | $230.00 |
County
tax stamps
Multiply the loan amount by .0035 | $_________ |
Florida
intangible tax
Multiply the loan amount by .002 | $_________ |
Deed
stamps
Generally paid by the seller…may be paid by the borrower on new
property. (Check
the building contract) Multiply the sales price by .007 | $_________ |
Survey
Generally not required for condominiums. Usually available on newer
homes from the original builder/seller. | $425.00 |
Pest
inspection
Generally not required for condominiums and newer homes and
only if required. | $100.00 |
Misc.
fees from the title company
Check with your closing agent. | $_________ |
Transfer
fees from homeowners association
Check with your management company. | $_________ |
| Misc.
fees | $_________ |
SUB-TOTAL--
CLOSING COSTS
Estimated | $_________ |
| Less
deposit with contract......................................................................................................(subtract) | -$_________ |
| Less
additional earnest money...............................................................................................(subtract) | -$
_________ |
TOTAL
NEEDED TO CLOSE
Estimated | $_________ |
IF
EVERYTHING WAS INCLUDED AND FIGURED CORRECTLY,
THIS TOTAL FIGURE SHOULD BE
VERY CLOSE TO ACTUAL CLOSING COSTS.
GOOD LUCK AND CALL US WITH ANY QUESTIONS.
All
rates and fees are for comparison purposes only. Brentwood Mortgage Services,
Inc. makes no guarantees as to the accuracy of the above document.
Rates and fees may change at any time. |
