WHAT IS THE AVERAGE CLOSING COST ON $212,500 FHA LOAN IN FLORIDA?
Everyone says that the closing cost should be around 2-3% of the loan – Does that include the Estimated Reserve/ Prepaid Cost? The type of loan is FHA with 3.5% down which is $ 7,437.50.
Also let me know if you see any bogus charges that I can dispute with the Mortgage Broker.
Here are the est. costs on the Good Faith Est.
Estimated Closing Cost –
Items payable in Connection with the Loan :
Loan Origination Fee @ 0.500% is $ $ 1,062.50
Appraisal Fee : $ 350.00
Credit Report : $ 30.00
Processing Fee : $ 445.00
Admin Fee : $ 895.00
Settlement or Closing Fee : $ 625.00
Title Insurance Fee : $ 25.00
Endorsements : $ 200.00
Government Recording and Transfer Charges :
Recording Fee : $ 200.00
State Tax/Stamps : 721.34
Intangible Tax : $ 412.19
Additional Settlement Charges :
Survey : $ 275.00
Termite/ Pest Inspection : $ 75.00
Scanning Fee to Fort Dox : $ 15.00
Estimated Reserve and Prepaid Cost :
Items Required by Lender to be paid in Advance
Prepaid Interest 10 days @ $ 30.0558 – $ 300.56
Mortage Insurance Premium : $ 3,544.68.00
Hazard Insurance Premium : $ 2,160.00
Reserves Deposited with Lender :
Hazard Ins. 2 months @180.00 = $ 360
Mortgage Ins. $ 92.84
Property Tax : 4 months @ $ 245.00 = $ 980.00