 todd_duffield
Joined: 02 Sep 2010
Posts: 1
1.92 Dollars($)
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Posted: Thu Sep 02, 2010 8:57 am Post subject: Are these closing costs reasonable for a NY state refinance?
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My wife and I were approved for an FHA refinance. Then, we came into an inheritance and I realized that we could save $$$ by putting 20% down and moving onto a non-FHA loan.
However, the closing costs have increased substantially and I am wondering if they are fair.
Before, on the FHA LOAN, with a finance amount of $185K over 30 years, the costs were:
4.5% with no points
Orig.Charge..............4,170.88.
Credit..................(5,796.22)
Adjusted.Orig...........................(1,625.34)
Services
Mortgage.Insurance......4,081.46.
Appraisal.................375.00.
Credit.Report..............21.00.
Tax.Service................90.00.
Flood.Cert.................26.00.
Total.Services..........................4,593.46.
Title.Insurance.........................1,498.00.
Govt.Recording............................400.00.
Transfer.Taxes..........................1,829.79.
Prepaid.................................2,596.00.
Daily.Interest............................115.92.
Grand.Total.............................9,407.83.
The.non-FHA.Loan.will.be.$148K.over.30.years.at.
4.375%.with.no.points,
Orig.Charge..............3,760.00.
Credit..................(2,590.00)
Adjusted.Orig...........................1,170.00.
Services
Mortgage.Insurance.........0
Appraisal..............375.00.
Credit.Report...........21.00.
Tax.Service.............90.00.
Flood.Cert..............26.00.
Total.Services............................512.00.
Title.Insurance.........................1,495.00.
Govt.Recording............................400.00.
Transfer.Taxes..........................1,500.00.
Prepaid.................................3,786.00.
Daily.Interest.............................54.74.
Grand.Total.............................8,917.74.
The morgage insurance cost dropped by $4,081, but the origination cost went up by $2795. I feel like the broker is grabbing some of my money.
Are these fees on the new loan reasonable? |
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jveenstra
Community Expert
Joined: 10 Nov 2008
Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
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