Concerned about mortgage fees?
I am a first time home buyer so am not very educated on what I am being charged for on a estimated closing costs worksheet. I went to a local bank to get preapproved for a FHA home loan and he gave me a worksheet with estimated closing costs for a 70k loan for something to go by. I just want to make sure the fees are reasonable.
Mortgage Brokers Fee- $ 682.25(PFC)
Processing Fee- $ 200.00(PFC)
Administration Fee- $ 645.00(PFC)
Appraisal Fee- $ 420.00(POC)
Credit Report Fee- Paid by Broker
Flood Certification Fee- $ 20.00(PFC)
Attorney Fee- $ 650.00
Lender’s Title Insurance-$ 295.00
Daily Interest Charges- $ 8.41 x 15days-$ 126.17(PFC)
The rest of the charges were for insurance premiums, and taxes. But total prepaids listed at $ 1186.17. The person I talked to at the bank said this worksheet was a high estimate anyways but I figured that the origination charges would probably stay the same. So I am mostly concerned on the origination charges. Do they seem ok? Thanks for any help.
Closing costs add up to be about 3% of the loan amount. Is that about right too?
Rate was quoted for 4.5%