Asked by Arslan Basharat, Albany, NY • Sun Feb 21, 2010
Purchase price: $230,000
Interest rate: 4.875% 30 Yrs FHA
Down payment: 3.5% ($8050)
Load amount (includes MIP): 225,834
Our origination charge: $200
Appraisal/Property Evaluation Fee: $440
Credit report fee: $2
Tax service fee: $82
Flood determination fee: $11
Mortgage Insurance Premium: $3884.13
Title service and lender's title insurance: $1106.14
Owner's title insurance: $1239.15
Government recording charges: $370
Transfer taxes: $2613.34
Initial deposit for escrow (all property taxes, all insurance): $3362.55
Daily interest charges (13 days @ $30.16): $392.08
Hazard Insurance premium: $650
Total Estimated Settlement Charges: $14,352.39
-Why is MIP included in loan in the closing cost?
-How can I save money on any of these listed items? For instance, any tricks on title insurance?
-Where do I double check the "transfer taxes" from?
-Shouldn't the hazard insurance be included in escrow?
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