Question by Jack J: Refinancing my mortgage…..how does these closing cost charges look? Any negotiable ones?
Currently refinancing with my original bank HSBC form 6.75 for 30 years (4years in to loan) to 5.125 (for 20 years). $ 93,000 I will take loan out for. Payments will drop $ 42 and go to 20 years. Closing cost will be put into the loan amount of $ 93000. Are any of these negotiable (not a good faith estimate yet, just preliminary estimate):
802 Credit/charge for interest rate 0.2500% $ 232 (***look below)
808 Tax Service Fee $ 79
809 Flood Certification $ 18
811 Commitment Fee $ 250 (kind of confused on this, even after researched it)
812 Origination Fee $ 225
815 CEMA Modification Fee $ 150 (forgot what they said this is?)
820 HSBC MERS Fee $ 6.95
823 Doc Delivery Fee $ 7.85
825 Application Fee $ 485 (have to pay up front, this is the apprasia fee)
1102 Settlement or Closing Fee to $ 500 (they said this is attorney fee)
1104 Lender Title Insurance to $ 573.62 (said will prob be $ 150-200 less)
1109 Title Services $ 525 (said will prob be $ 200 less)
1201 Government Recording Charges $ 460 (why so high??)
1203 Transfer Tax $ 205.25
Total Estimated Closing Cost $ 3717.32 (does this look reasonable?)
****I am getting charged this .25% point they said because fannie mae is strict on a 45% debt to income ratio and I’m at 47% and theres no going around it they said. This kind of confuses me because what would fannie mae have to do with a loan that I’m getting from HSBC. Doesn’t Fannie buy them on the secondary market, even though they may own my current loan (which i think they do now) what does that have tto do with my refinance? I wanted to ask this but forgot. Any thoughts on any of these fees would be greatly appreciated…..THANK!
Answer by Anna Collins
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And HSBC will not originate a loan that they cannot sell to Fannie hence the adherence to the 45% requirement.
Closing costs include a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The closing costs usually are about 2 percent to 6 percent of the mortgage amount. According to the estimate, it looks like your closing costs are right at 4% – exactly in the middle of the typical range.
It may be a good idea to shop around for your refinance loan with different lenders. It wouldn’t hurt to see what you could be offered at different lending companies.
Good luck with your refinance! For more tools, advice and articles check the links I’ve included below:
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Some of your closing costs look like a new loan not a refinancing. Check with a credit union I have seen them as low as 2% for a 100k refi. What I did not see was the appraisal fee, and i would assume they are doing one?