Closing Cost Estimation Worksheet - Blue Water Mortgage ...
[Pages:1]Closing Cost Estimation Worksheet
Origination Fee
Usually ranges from .5% to 1% of the loan. Covers the cost of processing a loan.
$
Credit Report Fee
This is a report to get your credit history and score. Costs up to $30. $
Appraisal Fee
This is paid to the appraisal company to confirm the fair market value of the home. A single-family home costs between $100 ? $400
$
Building Inspection
Inspector fees typically range from $150 ? $450
$
Survey
The covers the cost of verifying property lines. If needed, usually costs $300 ? $400
$
Legal Fees
Attorney fees guide you through the home buying process and protect your interests. Generally these fees range from $300 ? $600, $ depending on the attorney and the specific transactions.
Title Search
This pays for a background check on the title to make sure there aren't things like unpaid mortgages or tax liens on the property. Fees $ can vary greatly, but are approx. $125 ? $200.
Title Insurance
This protects the lender in case the title isn't clean. The cost can vary, but it usually about .5% of the purchase price of the home.
$
Private Mortgage Insurance (PMI)
Usually required if your down payment is less than 20% of the
purchase price. Fees can vary greatly, but the average premium is 2.5% of the mortgage, with a portion of the total premium due at
$
closing.
Homeowners Insurance
This covers the possible damages to your home. You first year's insurance is usually paid at closing. (approx. $300 and up)
$
Prepaid Interest
Paid at closing to get the interest paid up through the first of the month. Cost can vary greatly. Estimate the interest beginning from $ the day of closing to the end of the first month of ownership.
Points
"Points" are prepaid interest. One point is 1% of your loan amount.
This is a lump sum payment that lowers your monthly payment for the life of your loan, and is determined upon the intended duration of
$
the loan.
Escrow Fees (or Closing This is paid to the title company, escrow company, or attorney for
fee)
conducting the closing.
$
Realty Tax Transfer
Recording Fees
This is paid to a city or county in exchange for recording the new land records.
$
Total $
Blue Water Mortgage - Main Office | 7 Merrill Ind. Drive Hampton, NH 03842 | Phone: 603.926.9695 | Fax: 603.926.9694 ? Copyright 2014 Blue Water Mortgage Corporation
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