Closing Cost Options
What are my “Closing Costs?
One of the most common questions asked by loan applicants
Financial Access, LLC makes the mortgage process easy because there is very little to no overhead cost that can be applied as a reduction towards your closing cost or a lower interest rate. Below you will find low, competitive fees that are part of your closing cost.
If you are interested in purchasing a property, the closing cost is paid out of pocket at settlement or the seller can agree to assist a percentage of it. If you are interested in refinancing, you have an option to include the closing cost inside the loan or pay out of pocket at settlement.
Brokers/lenders are required to disclose in writing, known as a Fee Work Sheet or Loan Estimate (LE) estimating the closing costs and fees. Below is a brief summary of possible closing costs you might have to pay depending on the loan program you select to purchase a property or to refinance.
| Appraisal –based on dwelling and program | $225.00 – $700.00 |
| Credit Report | $20 – $80 |
| Lender fees | $500 to $1000 |
| Escrow Deposit for taxes & insurance (not required at 80% or less financing for conforming programs) |
Taxes and insurance – actual amounts disclosed from the title company |
| *** Transfer Taxes – Title fee | Varies widely by municipality (Typically 1% to 2% of sale price in Delaware Valley, Pa) |
| Title Company Closing/Settlement Fee | $0 – $350.00 |
| Title Insurance (Lender’s Policy) | Pennsylvania regulated – Cost varies by loan amount or purchase price. |
| *** Annual Homeowners Insurance | Varies – $300.00 and up – contact your agent for the actual amount |
| Broker Origination Fee | 0% – 3% |
| Notary fee | $0 – $65 |
| Recording Fees | Varies widely depending on municipality. Generally between $125 and $250 |
| Courier Fee and Wire fees | $15.00 – $75.00 depending on amount of packages |
| Prepaid Interest | Varies depending on the loan amount, interest rate and day of the month of settlement. |
| Closing Protection Letter and Title fees | $125.00 – $200.00 |
*** Purchases Only
