Refinancing - closing costs

rileymartin · Joined: 29 Jun 2010 Posts: 1

Anyone have experience with mortgages, specifically closing costs? Which fees are negotiable, if any? This is what was offered to us. I don't know if this represents the going rate or if any of it is much higher than it should be.

The interest rate is 4.960% and the loan amount is $116,000. The value of the home is about 200k.

$500 - Origination charges
$395 - Appraisal fee
$606 - Government recording charges
$977 - Transfer taxes
$2,598 - Title services and lenders title insurance

There are some additional fees but they are small compared to the above.

AaronNelson · Joined: 02 Jul 2010 Posts: 5

It depends on what state you are in as every state has different laws.
$500 Origination is very low, less than half a %. Title insurance is ALWAYS going to be expensive. Lawyers will take your money gladly and quickly.

TimtheMortgageGuy · Joined: 16 Jan 2008 Posts: 96 Location: Rosemount, MN

AaronNelson wrote: It depends on what state you are in as every state has different laws.
$500 Origination is very low, less than half a %. Title insurance is ALWAYS going to be expensive. Lawyers will take your money gladly and quickly.

There is no "low" or "high" origination fee. It is all relative to the interest rate. Anyone can do a loan with a $0 origination fee. The rate will probably be .25% higher though that if you did the identical loan with a 1% origination fee.