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(Mortgage) Closing Costs [Mortgage Loans] How much are home loan fees? - YouTube
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Hey this is Chris the mortgage pro.
People ask me about closing costs, you
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know closing costs are different from
the down payment. Certain programs have a
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requirement that you put a certain
percentage down. Now, these are different,
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they are fees such as we have appraisal
we have a credit report
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we have processing we have underwriting
these these fees the standard things but
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then we have escrow fees now the escrow
company gets paid certain fees and some
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of them might be a dock drawing fee they
might have a printing fee to print the
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documents there's gonna be a notary fee
they're gonna have a loan tie-in fee if
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there's a loan tied in with the
transaction they're going to add a
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couple of hundred dollars on we also
have title they have numerous fees
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there's recording fees to record the
loan with the county so that it's your
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house and we guarantee it
so all these fees together they can add
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up to quite a sum of money now on top of
the fees there are other costs what are
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they well depends on what month of the
year depends on how many months taxes we
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need to get so that we put them in
together in an impound account so your
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payment you make one payment includes
your taxes and your insurance when we
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start the loan basically you're gonna
pay 1 years and 3 months
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homeowners insurance up front we're also
gonna pay you know if we're in April
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we're gonna put three months taxes if
we're in September it's gonna be nine
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months taxes so it's something that's
out of our control but it's something
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that we have to come up with the money
for and depending on the loan amount
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we'll also determine what are the fees
from the title and the escrow company if
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you're paying points sometimes you pay
points to buy the rate down to get a
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lower interest rate or sometimes you
have a low FICO score and we have to
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charge points those are also dependent
on what is the size of the loan so very
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common $300,000 loan $8,000 $7,000 could
be nine thousand dollars depending on
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the time of year
and how do we pay for those well this
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three way is usually that they could be
paid for
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number one is you pay most people say I
don't really want to pay it well that's
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the reality you can pay it or we can ask
the seller to pay it or pay some very
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often we'll ask the seller to pay $8,000
in closing costs and the sellers going
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to come back and say I don't not paying
8000 but I'll help you out I'll pay 4000
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or I'll pay 2,000 now in a very
competitive market like today when you
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make an offer on a house we really don't
want to ask for closing costs because
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what are they going to do which offer
they gonna accept that if you're
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offering 300 thousand somebody else is
offering 300 thousand but you're asking
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for closing costs they gonna get less so
like anybody else they want the most
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money for their house so when you buy
you got to consider that now the third
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way to pay closing costs is if you have
credit is reasonably good we can raise
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the interest rate up and by doing that
we get what's called a lender credit
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example if I've raised on an FHA loan
approximately a half percent on the
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interest rate I can usually get about
one and a half percent of the loan
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amount so on a $300,000 loan I've raised
the interest rate a half percent I have
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$4,500 to lower your closing costs with
so sometimes you pay some the seller
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pays some and we raise the rate a little
bit and we get that combination it could
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be any combination of the three one two
or three but that's what closing costs
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are now there's a couple of closing
costs that are paid upfront and that is
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an appraisal the appraisal is paid it
depends on what type of loan whether
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it's a VA loan FHA loan or conventional
loan what type of appraisal is required
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so the the fees can change just a little
bit within fifty to a hundred dollars
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the other fees we do not collect upfront
for credit report fees and those type of
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things but sometimes we do have fees for
a VA loan we have to have a termite
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report but the good news about you vet
if you're a vet you're not allowed to
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pay that so we cover that for you too so
be prepared you
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I have to put a little deposit down with
your realtor talk to them about that and
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the appraisal upfront the rest we
usually work it out as we go this is
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Chris Trapani and I'm gonna help you
fire your landlord
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