Posted on: 02nd May, 2014 07:09 am
What are the main expenses associated with the process of taking a mortgage loan?
There are a lot of expenses which is why it costs so much -
Appraisal 400-450
Bank (underwriting and processing etc)800-1500
Title fees 250-1000
title insurance (all over the place but can be as much as 1% of the value)
transfer taxes where applicable
In the end on a 200k purchase you are usually looking at 2.5% -3.5% of the loan amount - this would include money to establish an impound account as well for taxes and insurance (insurance must be paid in full for the first year so add another $600-$900 for that)
Brian Barnes
ENG Lending
50 State lender
Appraisal 400-450
Bank (underwriting and processing etc)800-1500
Title fees 250-1000
title insurance (all over the place but can be as much as 1% of the value)
transfer taxes where applicable
In the end on a 200k purchase you are usually looking at 2.5% -3.5% of the loan amount - this would include money to establish an impound account as well for taxes and insurance (insurance must be paid in full for the first year so add another $600-$900 for that)
Brian Barnes
ENG Lending
50 State lender
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