Closing costs do vary from lender to lender. The fees can differ depending on the whether the loan is a refinance or purchase, as well as the type of property being purchased or refinanced. Let me explain. Technically, closing costs can consist of the following itemized fees: loan origination, processing, underwriting, discount points, credit report, courier, appraisal, flood certification, settlement/closing, title insurance, title endorsements and updates, government recording, city transfer stamps, and condo questionnaire (condos only). Most municipalities, Maywood included, do not have any city transfer stamps that the buyer is responsible for paying.
There are also reserves and prepaid costs due at closing. These include prepaid daily interest (interest that will accrue from closing date through the end of that month), first year payment of hazard insurance (unless purchasing a condo), and setting up reserves in your escrow account for hazard insurance and property taxes-most lenders collect 3 months of hazard insurance premiums and 2 months of property taxes at closing.
If you are looking to get a feel for how much all of these will be from a Good Faith Estimate (GFE), it will be difficult. The new GFE includes all fees including fees typically paid for by the seller. The APR is also not on the GFE. (The CEO of my company has a great article on the new GFE on his blog: http://www.richardhartian.com
At application, your lender ought to provide you with a separate itemization of the fees that you as the borrower will be responsible for paying at closing. The truth in lending disclosure will provide you an APR and page 3 of the loan application will give you a reliable estimate of the amount you will need at closing (including down payment).
I hope this helps, Angela. Feel free to call me if you need to get pre-approved or want more information on obtaining a home loan. Also keep in mind that lenders cannot collect anything more than a reasonable credit report fee from you prior to or at loan application.
Senior Loan Originator