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Is there a mortgage closing cost breakdown? Are all closing costs universal?

I believe we are quoted an offer which has too much closing costs on there. Many of the charges I do not even know what it means. Any help is appreciated. by sam.jensen35 from Aliso Viejo, California. Jul 7th 2015 Reply


What kind of loan are u considering? No, closing costs can vary allot from one company to another.

Jul 7th 2015
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Cynthia Harris (cyndi@accloanpro.com)
#1041 ranked lender in California - 2 contributions

Is this for a purchase or a refinance?

Jul 7th 2015
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Erik Kinsley (erik@kinsleymortgage.com)
#1083 ranked lender in California - 3 contributions

Closing Costs differ from lender to lender. Call me for a free basic analysis and I will let you know if you are paying too much! Should take 5 mins. (951) 970-5034

Jul 7th 2015
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Most closing costs are standard as they include title escrow and buyers prepaid account reserves ie. Taxes and homeownwers insurance. The difference between closing costs will be in broker originated charges, loan processing fees, and underwriting fees. Contact Mr if you want assistance.

Jul 7th 2015
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Edgar Aranda (earanda)
#752 ranked lender in California - 93 contributions

Every lender will be a little different which is why we encourage you to shop around. If you would like us to review your quote, please call us at 8774044805 and we would be happy to do so. If you do not understand all the charges that are being quoted to you and your lender is not being forthcoming in explaining them, we would suggest that you do not move forward with that quote. A mortgage is a huge commitment and you should be very comfortable with what you are signing. We can provide you a complementary mortgage analysis and provide you with options that will meet your needs. In addition, we will review ALL closing fees with you.

Jul 7th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much More info would be needed to properly answer your question.. in every area of the country, closing costs are going to be different.. without looking at your quote, it's impossible to tell you if it's reasonable or not.. when it comes to closing costs, purchase transactions cost more than refinance transactions.. Also, some fees are "Fixed Fees", meaning whether your financing a $400K home or a $100K home, the fees are the same.. other fees are "Variable Fee's" and are based on a percentage of the sale price, appraised value or loan amount.. in addition to these fees, there will title fees, impound fees, processing and underwriting fees, lender origination and discount fees, as well as HOA transfer fees.. Some states have local government assessments that are added to purchase transactions, while other areas might have added fees for wells and septic systems.. I could go on and on, but you should get it by now.. it's impossible to advise you without looking at your quote.. For this reason, you should contact a LOCAL mortgage broker and let him put together a comparative quote.. also, if you trust your mortgage broker.. ask him to explain each of the fees your being charges.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 7th 2015
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Hi, I actually teach on this topic exactly. Feel free to contact me and I can explain this in entirety in 5 minutes. Www.LalehHanks.com

Jul 7th 2015
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Jason Bennett (jbennett)
#104 ranked lender in Pennsylvania - 70 contributions

Excellent question. Fees and rates can both change with quotes. So when analyzing lenders to decide which loan is the best. It is best to shop in the same day, because rates change everyday. And compare both rates and fees together to make the best decision. Typically more fees can draw down the interest rate, meaning you are actually paying upfront "points" to bring the rate of interest down which in turn will lower your monthly payment in most circumstances. If you are considering staying in home long term and not refinancing anytime soon, this can be a good option. Jbennett@riverviewbankpa.com

Jul 9th 2015
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