Closing Costs from HUD Statement

Here are the settlement charges for the new mortgage when we purchased House #4:

Settlement Charges
801	Origination Fee (1.0%)	$2,416.00
803	Appraisal Fee	$ 100.00
804	Credit Report	$ 8.89
805	Flood Certification Fee	$ 11.00
806	Commitment Fee	$ 450.00
807	Wire Fee	$ 35.00
808	Tax Service Fee	$ 105.00
809	High Cost Calc Test	$ 20.00
810	Preparation of Loan Documents	$ 75.00
901	Mortage Interest	$ 419.51
903	Hazard Insurance Premium 1 yr	$ 461.00
1001	Hazard Insurance Reserves 3mo	$ 115.26
1004	County Tax Reserves 3mo	$1,015.44
1008	Aggregate Adjustment	$ (345.76)
1104	Copy/Email/Fax fee	$ 50.00
1106	Courier	$ 17.00
1107	Attorney Fee	$ 500.00
1108	Title Insurance	$ 322.00
1201	Recording Fee	$ 89.00

	Total Loan Fees	$5,864.34

	Credit from Lender	$2,966.00
	Rebate from Buyer's Agent	$5,073.00

I agreed to pay a 1% orgination fee, but the loan ended up coming with credits that more than offset the fee so I considered it equiv to a no point/no org fee loan. I also received a rather large buyer's agent rebate. The additional credit was consumed in fuel, 2008 taxes and I went ahead and paid the 2009 property tax bill.

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Comments (10)

That is very impressive! You were able to close without ANY cost and pay off taxes for 08 & 09.

Can I ask what buying agent you signed up with that offered 70% rebate?

Posted by Phung | January 26, 2009 1:21 PM

The buyer's agent was a friend of mine so he did offer me a very attractive proposition.

Posted by 2million | January 26, 2009 1:51 PM

How much of this will be able to be taken off your taxes?

Posted by thomas | January 26, 2009 2:37 PM

You didn't buy any points on this at all, and you didn't end up paying the origination fee? Wow, that's pretty impressive. Everyone I know ends up paying more than just the origination fee. But, you seem to have gotten a pretty good deal, especially with the buying agent credit. Can I ask who you went through for your loan? You can tell me to mind my own business, but I'm curious to know who's offering what deals.

Posted by Kristy @ Master Your Card | January 26, 2009 4:17 PM

I wonder why the lender charged the fees and promptly rebated them off? Maybe something to do with 'grossing up' revenue to impress shareholders?

2mil - did you ever say exactly which bank you worked with?

I disagree with Phung; 2mil deposited 3 mos of property taxes at closing; I don't see where he paid all of 08 and 09, but I could be wrong.

Posted by CPA1298 | January 26, 2009 4:43 PM

CPA1298,
I did pay a small part of 2008 taxes and prepaid 2009 taxes - it wasn't listed in the settlement charges above.

Posted by 2million | January 26, 2009 8:16 PM

This are some weird fees there
{806 Commitment Fee $ 450.00} - What is that for?

{1104 Copy/Email/Fax fee $ 50.00 and
810 Preparation of Loan Documents $ 75.00 }
Shouldn't 1104 be a part of 810?

Posted by Slava | January 27, 2009 6:29 PM

When we closed on our house, we asked to pay hazard insurance and property taxes on our own so they would not be escrowed on a monthly basis. In order to do this, you need to have good savings habits, and be willing to scratch a check for a large sum of money (yearly for hazard insurance and semi-annually for property taxes). However, the up side is that you do not have to part with the money on a monthly basis. Instead you can save it on your own and collect the interest "float" that the mortgage company would normally make off your money. Most people are never given this option because it a good deal for the mortgage company - you need to make the request. Given the fact you have very good money habits, you may want to petition your mortgage company and give it a shot.

Posted by Golfer65 | January 27, 2009 7:52 PM

Title insurance cost seems low. Did you shop around?

Posted by York | February 1, 2009 12:52 PM

Who did the closing and title insurance for you? I'm getting ready to close and they're wanting $900 for title insurance on a refi that's 4 years old - way too much.

Posted by Michael Chaney | February 4, 2009 6:17 PM