ALL FEES APPROXIMATE
(Remember: Cranbrook, Lender, Vendor and summarize all fees in one of these 3 categories)
Broker fee/charges (commissionable fees)
- Loan Origination/Lender Paid Compensation – 2.75%
- Application Fees
Fees – Source: Cranbrook Processing Department (Form327Pro)
- Processing Fee – from $0 to $699 includes all fees
- VOR, VOD, VOE fees charged by vendor
- Credit reports, other additional services, etc
Lender Fees – Source: Lender who will be funding the loan
- Underwriting Fee. Lender specific. See Addendum in package preparation training.
- Funding Fee
- Tax Service Fee
- Admin Fee
- Flood Cert
- Document Prep Fee
- Redraw Fee
- Other Fees may be charged by the lender such as Discount Fee, etc
Lender Fees and GFE Quirks: CALIBER:
Underwriting fee: $999, Tax Serv: $ 93.89, Flood: $ 10.65, MERS: $11.95 (1115.49 Total)
Title Fees – Source: Title Company who will be closing or https://costsfirst.com/ register account.
- Title Settlement Fee (estimate. Refi $250 and Purchase $550) (varies by state)
- Miscellaneous Title Fees
- Wire Fees
- Abstracting Fees
- Title Insurance – VARIABLE fee based on loan amount, type of transaction and
location of property. Use Title Calculator. Request Rate Calculator in Excel.
- Recording Fees – VARIABLE fee determined by locations of property and amount
how many pages to record and taxes required. Typically $130.00
- Tax Stamps. – VARIABLE by state. Some States charge for Refi and all for purchase.
3rd Party Fees/Misc. – Source: Provider of Service
- Appraisal Fees Approx. Conv. $450, FHA $500. (Use 500 for fast estimate)
- Inspection Fees (IF Construction Loan) ($50 per)
- Structural Engineering/Foundation Inspection (IF Manufactured Home FHA)
- Pest Inspection (If required by FHA) ($65+)
- Survey Fees if Required ($95 – $250+)
- Realtor Compliance Fees (0-$400) For Purchase only.
Closing Cost Estimate for $200,000 Refinance MI. Includes $0 Credits given to customer.
|ITEM||Cost to customer|
|Broker fee/charges (commissionable fees)||Variable by loan||0|
|Lender Fees – Example Caliber||Fixed||$1116|
|Title Fees – Closing Fee||Refi/Purchase – State||$200|
|Title Fees – Title Insurance (200k Example)||Variable||$500|
|Recording||Variable by state||$130|
|Appraisal Fee||Variable by lender||$500|
|Total Estimate for 200k Example||$2446|
|Less Credit Provided|
|Total Cost to Customer=|
|The following charts give a guideline for the number of months to escrow for taxes and insurance.|
|Months of Homeowners that will be collected at closing for escrows. (This is an estimate! Contact lender for specific)|
|HOMEOWNERS INSURANCE ESCROW DETERMINATOR|
|1st Payment Due||Jan||Feb||Mar||Apr||May||Jun||Jul||Aug||Sep||Oct||Nov||Dec|
|REAL ESTATE TAX ESCROW DETERMINATOR|
|CLOSE DATE||1ST PAYMENT||SUMMER||WINTER|
Use this calculation: Ho Ins Determinator Months x Monthly Home owners insurance + summer tax months x summer tax amount + winter tax months x winter tax amount + 2 month cushion (monthly summer and winter tax and home owners x 2).
CURRENT TAXES DUE MUST BE PAID IN ADDITION TO MONTHS ESCROWS