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Closing costs are just as important as rate and service in determining the best mortgage company for you.  That is why we not only put our costs here for you, but stand by them through the transaction as well.

 

According to the federal government, and most states, closing costs are any costs associated with making a mortgage that would NOT be required if you were paying cash for a home.  That rather vague definition leaves a lot of room for creative bookkeeping.  Many mortgage companies do just that to conceal how much it is really going to cost you to close your mortgage.  Some companies lump together a lot of closing costs under legal fees, and then subtract them from their closing costs because they are legal fees, not closing costs.  

These are our ESTIMATED Closing Costs. It is impossible for any company to concisely estimate the closing costs for all types of loans and all cost options in one table format.   The chart below itemizes the closing costs for the AVERAGE transaction.  While individual costs may vary according to the circumstances that relate to your transaction, we attempt to be straightforward and accurate. The total of the closing costs is guaranteed to be within $100 of the amount quoted below unless there are special circumstances that affect your transaction.   If such circumstances develop, we will inform you about the additional charges and the reasons for them.  Use this chart when comparing mortgage costs  from other companies.  If you see an item on our closing cost list that isn't on theirs, ask why.  Chances are you are paying for it elsewhere.

At Powder House, we love to say, "YOU'RE APPROVED!"

EFFECTIVE 5-30-06

  Massachusetts New Hampshire
  Refinance Purchase Refinance Purchase
800. Items Payable in Connection with the Loan
801. Loan Origination Fee

varies, based on terms of rate lock, see lock confirmation

802. Loan Discount Fee

varies, based on terms of rate lock, see lock confirmation

803. Appraisal Fee*

$255

$255

$285

$285

* Appraisal fees are based on the average loan in each state.  Additional costs may apply based on location, type of property and number of reports or return visits needed.  Multi-Family properties can add $200-250 in Massachusetts and $225-$250 in New Hampshire.  Properties on Cape Cod and the Islands can add from $150-$300.

804. Credit Report Fee (per report)

$14.65

$14.65

$14.65

$14.65

810. Processing Fee

$500

$500

$500

$500

811. Underwriting Fee**

$460

$460

$460

$460

** Underwriting Fees vary from investor to investor.  They include Investor Tax Service Fees, Underwriting Fees, Table Funding Fees, and MERS fees.  These fees listed are an average.  Depending on the program or the investor, especially between Jumbo and Conforming loans, you may see a variance of as much as $50 up or down from these fees.

815. Flood Certification Fee

$20

$20

$20

$20

 
1100. Title Charges
1105. Settlement Doc Prep Fee

$125 

$125 

$125 

$125 

1107. Settlement Attorney Fee

$550

$550

$550

$550

1108. Lender's Title Insurance Fee***

Loan Amount x 0.0025

*ask us about a 40% discount

Loan Amount x 0.0025

 

Loan Amount x 0.0025

*ask us about a 40% discount

Loan Amount x 0.0025

 

*** All mortgage transactions require lender's title insurance.  Owner's title insurance is available at a rate of 0.365% times the Purchase/Appraised Value of the property, plus $175. If you choose to purchase Owner's Title Insurance, it includes the Lender's Title Insurance.

1111. Obtain Municipal Lien Fee

 

$50

   
1112. Title Examination Fee

$100

$175

$100

$175

 
1200. Government Recording and Transfer Charges
1201. Recording Fees****

$250

$365

$127

$127

**** Recording Fees include the recording of the Mortgage and Assignment for purchases, as well as the Discharge for Refinances.  The recording of the Deed and Municipal Lien Recording fees in Massachusetts and Deed in New Hampshire.  Regardless, all necessary recording fees are included. Deeds are required only on a purchase or when adding or removing a party from the existing deed.

1203. State Tax or Stamp Fees n/a n/a n/a

Purchase Price x 0.015

(split with seller)

 
1300. Additional Settlement Charges
1301. Survey/Plot Plan  

$125 

(not for condos)

 

$150 

(not for condos)

 

TOTAL FIXED COSTS:   

 

$2,269.65

 

$2,634.65

 

$2,226.65

 

$2,451.65

 

REPRESENTATIVE    

   FIXED COSTS:   

(Based on non-discounted Lender's    

Title Insurance for $200,000 loan with   

 0 points and a $300,000 purchase price)    

 

$2,769.65

 

$3,134.65

 

$2,726.65

 

$5,201.65