The following information is designed to help you understand the costs
involved in the settlement of your real estate transaction. Depending upon
the city, county, and state where the property you are financing is located,
the cost for items such as transfer taxes, recording fees and other title
related services will vary. To accurately estimate the actual costs you
will incur it is necessary for you to confer with a local settlement agent
or title attorney who can inform you of their fees for handling the settlement
process and the statutory charges such as taxes and recordation.
*Closing costs are paid by Trust Mortgage Co. only when special program is
engaged by the customer.
The following is a guide to the most common settlement costs.
|
Paid To Your Lender
|
| Loan Origination Fee (Estimate, usually 1%) |
$1000.00 |
| Appraisal Fee |
$350.00 |
| Credit Report Fee |
$55.00 |
| Processing Fee |
$200.00 |
| Underwriting Fee |
$200.00 |
| Flood Certification |
$25.00 |
|
Title Charges
|
| Closing or Escrow Fee |
$225.00 |
| Abstract or Title Search Fee |
$95.00 |
| Title Insurance (Lender's coverage)** |
$320.00 |
| Mortgage Registration Tax** |
$358.00 |
| Recording Fees** |
$60.00 |
| Plat Drawing/Survey** |
$50.00 |
| Conservation Fee** |
$5.00 |
| Special Assessment** |
$50.00 |
|
**Fees will vary by city, county and state. Your local title
attorney can provide more complete information about these items.
Some fees will be less or waived altogether for refinance
transactions. Also some fees are scaled according to size of loan.
|
|
Prepaid Expenses
|
| HOMEOWNERS INSURANCE |
1 Years paid receipt at closing |
| HOMEOWNERS INSURANCE ESCROW |
One sixth of the annual premium |
| REAL ESTATE TAX ESCROW |
One sixth of the annual premium |
|
PREPAID EXPENSES are expenses that are due at closing but not part of
the traditional closing costs that Trust Mortgage Co. seeks to cover.
The borrower is responsible for PrePaid Expenses.
|
You will also be charged for
interim interest. This is the interest
on your mortgage from the date of settlement until the end of the current
month. For example, if you close on January 15, you would pay the interest
on your loan for the period of January 15 until January 31. Your first
regular mortgage payment would be due on March 1.
Mortgage Insurance is required on loans that exceed 80% of the purchase
price. Mortgage insurance premiums vary depending upon the actual loan
to value ratio, if your loan is a fixed rate or adjustable rate loan, and
if you occupy the property as a primary residence.
