Closing Costs Compared
Lenders, brokers and
third-party mortgage originators charge all kinds of fees to
mortgage hunters. But it's tough for consumers to figure
out whether they're getting a fair shake because they don't
know how much those services "should" cost.
That's why we've
pulled together a survey of closing costs, based on 103
lenders in 10 states. We've listed the average, highest
and lowest charges quoted. They're broken out into three
categories: lender/broker fees, third-party fees and
government fees.
Closing Costs: How Do
Yours Compare?
(Figures are based on a $125,000 loan)
|
| LENDER/BROKER FEES |
HIGHEST |
LOWEST |
AVERAGE |
| Administration Fee |
725.00 |
45.00 |
413.46 |
| Application Fee |
410.00 |
100.00 |
266.40 |
| Commitment Fee |
450.00 |
100.00 |
268.00 |
| Document Preparation |
350.00 |
50.00 |
162.22 |
| Funding Fee |
300.00 |
40.00 |
125.57 |
| Mortgage Broker Fee |
895.00 |
100.00 |
344.17 |
| Processing |
850.00 |
99.00 |
302.71 |
| Tax Service |
110.00 |
10.00 |
72.09 |
| Underwriting |
595.00 |
25.00 |
279.93 |
| Wire Transfer |
335.00 |
10.00 |
55.27 |
|
THIRD PARTY FEES |
| Appraisal |
375.00 |
175.00 |
269.31 |
| Attorney or Settlement Fees |
820.00 |
50.00 |
373.71 |
| Credit Report |
65.00 |
8.50 |
36.53 |
| Flood Certification |
65.00 |
8.75 |
22.21 |
| Pest & Other Inspection |
400.00 |
30.00 |
86.07 |
| Postage / Courier |
90.00 |
20.00 |
44.73 |
| Survey |
525.00 |
25.00 |
226.59 |
| Title Insurance |
1,157.00 |
161.00 |
460.23 |
| Title Work (Title search, plat drawing, name search) |
595.00 |
50.00 |
220.37 |
|
GOVERNMENT FEES |
| Recording Fee |
250.00 |
30.00 |
72.27 |
| City / County / State tax stamps / Intangible Tax |
1,425.00 |
50.00 |
557.50 |
| |
|
|
|
| COLUMN
TOTALS |
10,787.00 |
1,187.25 |
4,659.34 |
|
