Lender Required Fees
Appraisal and Credit Report Fee: An appraisalcan range from $200-$500 or more dependingon type or size of property. Credit reports canrange from $16.00 to $32.00 or more depending on number of borrowers or updates needed.
Underwriting and Administrative/Processing Fee: Lenders incur costs for Automated Underwriting Service, staff underwriters otherprocessing functions. This charge can rangefrom $275-$450.
Document Preparation or Service Fee: Cost for closing document package preparation through a document company. Fee can range from $150-$250.
Tax Service Fee: One-time fee of $75-$100 to search tax records annually to verify that real estate taxes were credited to the correct amount at the county.
Pre-Paid Interest: Interest is due on the loan from the day of closing through the last day of that month. The first payment is due 30 days later and will pay the preceding month’s interest. Homeowner’s Insurance: If not covered by association, the buyer will be required to provide a one year pre-paid homeowners insurance policy with the lender listed as “loss/payee.”
Purchaser Closing Costs: During your loan application, your lender will provide a Good Faith Estimate disclosure detailing costs associated with closing the loan.
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Title Insurance, Recording Fees And Transfer Stamps:
Title Fees: The buyer pays for a Lender’s TitlePolicy, insuring the lender’s lien position. The fee can range from $500-$650. In addition, the title company may charge “endorsement” fees to the title policy for different types of loans orproperty. These can range from $50-$100 each.City of Chicago real estate transfer tax, buyerpays $3.75 / $500 of total purchase price.
Settlement or Closing/Escrow Fee: The settlement agent will charge a fee for handling the funds during the closing.This can range from $400-$600.
County Recording Fees: Mortgages anddeeds sent for record keeping to the County Recorder’s Office. The fee is $26 for the first 2 pages and $2 for each additional page. On a purchase, the deed and mortgage recording costs average $125-$150.
Attorney Fees: Attorney representation is the choice of the buyer. Fees canrange from $500-$1,000 or higher.
Home Inspection: Buyers can arrange a home inspection. Fees can range from $300-$500 or more.
*This information is provided without obligation or guaranteeand is not meant to be a Good Faith Estimate as defined byReg Z. It is for informational purposes only.