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Differences in Closing Costs

Posted on: 22nd Nov, 2005 09:20 am
Hi,

I found interesting information about the cost of mortgage fees.

The total cost of your mortgage some way or the other depends on the total amount of fees you have to pay towards it. Everyone wants to pay less when it comes to making payments for fees and for that Wyoming is the place. One of the surveys has showed that Wyoming has got the lowest mortgage related fees and New York has the highest. Person staying in New York has to pay double the amount on a loan as origination fees, title insurance and other closing costs in compare to a person who stays in Wyoming has to pay as mortgage processing fees.

Hope community members will be benefited from this information.

Niicss.
Hi Nicss,

That is a wonderful information and will surely help our community in some way or the other.

God bless you.

Thanks,
Samantha
Posted on: 22nd Nov, 2005 09:27 am
Hi all,

That is good information Niicss.

I think the difference is mainly caused by the miscellaneous fees that is charged which varies between places and between lenders.

Regards,
Blue
Posted on: 22nd Nov, 2005 09:34 am
Hi all,

Since the closing costs vary between lenders so, it is advisable to compare the closing cost for different lenders before choosing a loan.

This is a little bit complicated as the lenders and brokers use different names for the same item.

So, it is always better to refer the HUD Good Faith Estimate required to be provided by the lenders and brokers. This deals with the various services that you may require and pay for related to your loan.

Some more detail on closing cost can be found here.

God bless you.

Thanks,
Samantha
Posted on: 22nd Nov, 2005 01:13 pm
The main reason for such variation is due to the major differences and variations in cost for title insurance. Fees charged for settlement services and title searches are also considered as the factor affecting differences in closing cost.

Niicss
Posted on: 23rd Nov, 2005 09:27 am
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