Home Buying in Allen Park>Question Details

Bob, Other/Just Looking in Allen Park, MI

How are closing cost calculated for the buyer?

Asked by Bob, Allen Park, MI Tue May 22, 2012

How are closing costs calculated for a conventional mortgage on approx $100,000.00 with 11% down

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tim moore’s answer
The majority of closing costs are from your lender and are points. A point is 1% of the loan amount which in your case would be $890 for each point charged by your lender. They also add in other fees like doc fees, loan prep fee, loan origination fee and like that. You lender must explain and list all these for you. As Steve said there are other closing costs like survey, appraisal, title search, attorney fee, inspections etc. Each case is somewhat the same and somewhat different depending on the loan type, property and location.
0 votes Thank Flag Link Tue May 22, 2012
You have two sets of closing costs:

1. Loan closing costs: you lender sets some of these, pre-paid cost of insurance and taxes are a part, and others are charged by the appraiser, surveyor and so on.

2. Home purchase closing costs: Home inspection fees, title company closing fees, title insurance, and other fees are set by third third parties. The responsibility for each fee is usually a matter of custom and negotiation between the buyer and seller.
0 votes Thank Flag Link Tue May 22, 2012
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