NORMAL CLOSING COST FOR CONVENTIONAL MORTGAGE LOANS

Listed below are the normal closing costs associated with conventional mortgage loans. These costs are disclosed to the customer on the Good Faith Estimate of Settlement Charges made pursuant to the requirements of the Real Estate Settlement Procedure Act (RESPA). These cost are only estimated in most cases. Exact cost are disclosed at closing of the Loan. All cost are subject to change at any time.

LOAN ORIGINATION FEE 1% of total loan amount

APPRAISAL $325.00

CREDIT REPORT $50.00

LENDERS INSPECTION FEE (If appl) $75.00

TAX SERVICE FEE $69.00 TO $85.00 (VARIES)

UNDERWRITING FEE $150.00 TO $200.00 (VARIES)

ATTORNEY FEE Set by attorney

TITLE INSURANCE PREMIUM $ 3.00 per thousand dollars

TITLE BINDER FEE $15.00

RECORDING FEE $30.00

SURVEY $225.00

MORTGAGE INSURANCE (PMI) Depends on LTV/Fixed/ARM

FLOOD CERTIFICATION FEE $21.00

DISCOUNT POINTS (if applicable) 1 point = 1% of total loan amount financed. These cost do not include prepaid or escrow cost. They too are part of loan closing cost and are collected at closing. PREPAIDS = 14 months homeowners insurance, 4 months property taxes and daily interim interest *(depending on the day of the month the closing takes place).

*Interim Interest = Loan amount X interest Rate divided by 365 for daily interest.

**Seller is allowed to pay all of the veteran's closing cost and prepaids.