https://www.youtube.com/watch?v=hQ5SRwl1Hno
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 | |
Processing Fees | Fixed | ||
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 | |||||
Insurance Due | |||||||||||||||||
JANUARY | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |||||
FEBRUARY | 12 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | |||||
MARCH | 11 | 12 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||
APRIL | 10 | 11 | 12 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | |||||
MAY | 9 | 10 | 11 | 12 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | |||||
JUNE | 8 | 9 | 10 | 11 | 12 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | |||||
JULY | 7 | 8 | 9 | 10 | 11 | 12 | 1 | 2 | 3 | 4 | 5 | 6 | |||||
AUGUST | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 1 | 2 | 3 | 4 | 5 | |||||
SEPTEMBER | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 1 | 2 | 3 | 4 | |||||
OCTOBER | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 1 | 2 | 3 | |||||
NOVEMBER | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 1 | 2 | |||||
DECEMBER | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 1 | |||||
REAL ESTATE TAX ESCROW DETERMINATOR | |||||||||||||||||
CLOSE DATE | 1ST PAYMENT | SUMMER | WINTER | ||||||||||||||
CITY | COUNTY | ||||||||||||||||
JANUARY | MARCH | 8 | 3 | ||||||||||||||
FEBRUARY | APRIL | 9 | 4 | ||||||||||||||
MARCH | MAY | 10 | 5 | ||||||||||||||
APRIL | JUNE | 11 | 6 | ||||||||||||||
MAY | JULY | 12 | 7 | ||||||||||||||
JUNE | AUGUST | 13 | 8 | ||||||||||||||
JULY | SEPTEMBER | 2 | 9 | ||||||||||||||
AUGUST | OCTOBER | 3 | 10 | ||||||||||||||
SEPTEMBER | NOVEMBER | 4 | 11 | ||||||||||||||
OCTOBER | DECEMBER | 5 | 12 | ||||||||||||||
NOVEMBER | JANUARY | 6 | 13 | ||||||||||||||
DECEMBER | FEBRUARY | 7 | 2 |
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