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Everyone says that the closing cost should be around 2-3% of the loan – Does that include the Estimated Reserve/ Prepaid Cost? The type of loan is FHA with 3.5% down which is $ 7,437.50.

Also let me know if you see any bogus charges that I can dispute with the Mortgage Broker.

Thank you!

Here are the est. costs on the Good Faith Est.

Estimated Closing Cost –

Items payable in Connection with the Loan :
Loan Origination Fee @ 0.500% is $ $ 1,062.50
Appraisal Fee : $ 350.00
Credit Report : $ 30.00
Processing Fee : $ 445.00
Admin Fee : $ 895.00

Title Charges
Settlement or Closing Fee : $ 625.00
Title Insurance Fee : $ 25.00
Endorsements : $ 200.00

Government Recording and Transfer Charges :
Recording Fee : $ 200.00
State Tax/Stamps : 721.34
Intangible Tax : $ 412.19

Additional Settlement Charges :
Survey : $ 275.00
Termite/ Pest Inspection : $ 75.00
Scanning Fee to Fort Dox : $ 15.00

Estimated Reserve and Prepaid Cost :

Items Required by Lender to be paid in Advance
Prepaid Interest 10 days @ $ 30.0558 – $ 300.56
Mortage Insurance Premium : $ 3,544.68.00
Hazard Insurance Premium : $ 2,160.00

Reserves Deposited with Lender :
Hazard Ins. 2 months @180.00 = $ 360
Mortgage Ins. $ 92.84
Property Tax : 4 months @ $ 245.00 = $ 980.00

2 Thoughts on WHAT IS THE AVERAGE CLOSING COST ON $212,500 FHA LOAN IN FLORIDA?
  1. Reply
    bbbbbbbbbbbb
    May 15, 2011 at 12:30 am

    I would say the lender fees seem to be a little excessive.

    Appraisal fee and credit report are standard.

    BUT the other 3??
    Orig fee $ 1062.50
    Processesing Fee $ 445.00
    Admin Fee $ 895.00
    Total $ 2402.50

    I am in Pennsylvania and these type lender fees would run around $ 1200. If I were you I would get another quote from another lender.

    The rest of the Good faith looks ok..BUT is hazard insurance really $ 2160/year? Here it would run around $ 600/yr.

  2. Reply
    belladonna112
    May 15, 2011 at 1:16 am

    Looks tottally normal to me. in fact your Apprasal fee, and other inspection fees are well below the national average. The I’ve seen lender fee’s cost far more then this for that amount of a loan.

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