I got off the phone explaining to a frustrated buyer what is closing cost. She was because no one had taken he time to explain to her what fees are include in closing cost .
She was educator a teacher. I proceed to explain to her closing cost was the cost associated with closing a loan. I told her take it from the perspective of homework ssign to her students, all the components of homework for the students to complete . Closing cost are all the components paid to close a real estate transaction.
The lender through out astronomical figures on what the closing cost fees of loan would be. My response to her is ask the lender to explain the range of the difference cost of the fees associated with closing a loan. Then do a comparison between several lenders on the fees associated with closing cost.
Some of the fees to close a loan are:Settlement Statement
Origination fee: 1%-1.2/%% average
Intangible taxes
Attorney fees: 450-650
Settlement Statement
Title Examination: $150-300
Owners Title Insurance
Lenders Title Insurance
Mortgage Insurance Premium (MIP) FHA loan
Flood Life
Tax Service Fee
An average closing cost in Georgia runs between 3%-3.5percent.
When you a buying a home asks the lender what there average closing cost fee is too closed on loan.They cannot give you a specific fee until you have executed sales contract. Fee on closing cost are Higher on lower price loans those loan fewer than 85,000 could run up to 4.5% to close a loan. Happy House shopping.
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