Jan 082015
 

Buyer loan closing costs work sheet 

Buyer loan closing costs

Below are the typical closing costs for a residential home loan borrower (excluding title closing costs and pro-rations). Use the form as a worksheet to calculate your loan closing costs by adding and totaling your estimates in the Estimate $ column. Use the linked calculators and the provided pro-rata formula to obtain estimates.

 

CostEstimate $How calculated Explanation
Loan discount points paid to lender $As quoted if applicable. Usually .25 – 4% pointsPaid in exchange for a lower interest rate.
Origination fee – paid to lender $As quoted if applicable. Usually .25 – 4% pointsLender junk fee
Lender Document Preparation Fees – paid to lender $Usually $300 – $600Lender junk fee
Processing and underwriting fee  – paid to lender $Usually $300 – $500Junk fee to process the loan
FL Form 9 Endorsements – paid to title agent $Approx. 10% of annual title insurance premium.Provides additional title insurance protection in Florida
ALTA 8 .1 Environmental  fee – title agent $Usually $25Provides additional title insurance protection against environmental risks.
Appraisal  – paid to appraiser or lender $ As quoted. Usually $400 – $500To estimate value of lender’s collateral
Survey  – paid to surveyor $As quoted. Usually $350To show boundaries, elevations and improvements to property.
Flood certification – Paid to title agent $Usually $15To confirm if property is in a flood zone.
Flood elevation  certificate – Paid to surveyor $Usually $350 or $0 if can be assumed from sellerTo show compliance with the floodplain management ordinance.
Pest  inspection  – paid to inspector $As quoted. Usually $ 75To check for termites or any other pest infestations in the home structure.
Interest to closing paid to lender $As calculatedPrepayment for loan interest from the closing date to the end of the month.
Private mortgage insurance – paid to PMI provider $One year prepaid – if loan is above 80% LTV. Calculator.Additional  lender protection against default of high LTV loan.
Mortgage insurance premium – paid to MIP provider $One year prepaid – if loan is above 80% LTVLender protection against default of high loan to value (LTV).
Documentary stamp on the note – paid to FL State $Loan amount X $0.35Florida State tax on all mortgages
Intangible taxes – paid to FL State $Loan amount X 0.2%Florida State tax on new mortgages
Mortgage recording fee – paid to county $Court set fee schedule. $70 -$214.County tax
Credit report – paid to lender $As quoted. Usually $50For underwriter to determine credit portfolio.
Other – $
 
Total loan closing costs $

 

Hopefully this information is helpful to buyers who want to know what their loan closing costs will be.
For information on the remaining buyer closing costs, please visit:

One-time close construction loan closing costs.

Buyer prepayments and escrows closing costs worksheet

Buyer title closing costs work sheet

Download a hard copy of the complete buyer closing costs work sheet.

Disclaimer: Please note that all of the above is public information, that I am not providing tax advice, and that you should consult a licensed and certified tax professional before making any decisions about Florida property taxes.

Our services are always FREE to Buyers, and we contribute $500 towards closing costs if you buy through us, as well as $250 toward our Switch to Green, Switch it Forward Fund, to help fight poverty and climate change.

Let us show you how we can be Your Green Team to help you to Live in a High Performance Green Home, that will Save You Money and help you to Pay Your Mortgage Off Years Earlier, while at the same time, live in a home that is Healthier, More Comfortable, Safer and Kinder To The Earth.

Thank you for visiting. Please leave a comment below and then check out the rest of our BLOG. We look forward to making Green Home living your reality.

Marius J Smook – Licensed Real Estate Eco-Broker, LEED AP for HOMES, Home Energy Rater.

 January 8, 2015

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