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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.
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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
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Massachusetts |
New Hampshire |
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Refinance |
Purchase |
Refinance |
Purchase |
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800. Items Payable in
Connection with the Loan |
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801. Loan
Origination Fee |
varies, based on
terms of rate lock, see lock confirmation
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802. Loan Discount
Fee |
varies, based on
terms of rate lock, see lock confirmation
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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.
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804. Credit Report
Fee (per
report) |
$14.65 |
$14.65 |
$14.65 |
$14.65 |
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810. Processing Fee |
$500
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$500
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$500
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$500
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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.
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815. Flood
Certification Fee |
$20 |
$20 |
$20 |
$20 |
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1100. Title Charges |
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1105. Settlement Doc
Prep Fee |
$125
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$125
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$125
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$125
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1107. Settlement
Attorney Fee |
$550
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$550
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$550
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$550
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1108. Lender's Title
Insurance Fee*** |
Loan Amount x 0.0025
*ask us about a 40%
discount |
Loan Amount x 0.0025
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Loan Amount x 0.0025
*ask us about a 40%
discount |
Loan Amount x 0.0025
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*** 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.
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1111. Obtain
Municipal Lien Fee |
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$50 |
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1112. Title
Examination Fee |
$100 |
$175 |
$100 |
$175 |
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1200. Government Recording
and Transfer Charges |
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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.
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1203. State Tax or
Stamp Fees |
n/a |
n/a |
n/a |
Purchase Price x
0.015
(split with seller) |
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1300. Additional
Settlement Charges |
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1301. Survey/Plot
Plan |
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$125
(not
for condos) |
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$150
(not
for condos) |
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TOTAL FIXED COSTS: |
$2,269.65 |
$2,634.65 |
$2,226.65 |
$2,451.65 |
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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 |
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