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Closing costs compared

Lenders, brokers and third-party mortgage originators charge all kinds of fees to mortgage hunters. But it's tough for consumers to figure out whether they're getting a fair shake because they don't know how much those services "should" cost.

That's where Bankrate.com can help. During the first half of 2001, the company's researchers gathered closing-cost information (based on a loan size of $125,000) from 103 lenders and brokers in 10 states. You'll find the survey results below.

We've listed the average, highest and lowest charges quoted by survey participants. They are broken out into three categories -- lender/broker fees, third-party fees and government fees.

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Charges that fall into the fourth major category of fees, so-called "prepaid items," vary from loan to loan depending on the time of month the loan closes and the due date of the borrower's taxes and insurance, among other things. That makes it impossible to gather useful information for consumers.

LENDER/BROKER FEES
Highest
Lowest
Average
  Administration fee
$725
$45
$413.46
  Application fee
$410
$100
$266.40
  Commitment fee
$450
$100
$268.00
  Document preparation
$350
$50
$162.22
  Funding fee
$300
$40
$125.57
  Mortgage broker fee
$895
$100
$344.17
  Processing
$850
$99
$302.71
  Tax Service
$110
$10
$72.09
  Underwriting
$595
$25
$279.93
  Wire transfer
$335
$10
$55.27
THIRD-PARTY FEES
Highest
Lowest
Average
  Appraisal
$375
$175
$269.31
  Attorney or settlement fees
$820
$50
$373.71
  Credit report
$65
$8.50
$36.53
  Flood certification
$65
$8.75
$22.21
  Pest & other inspection
$400
$30
$86.07
  Postage/courier
$90
$20
$44.73
  Survey
$525
$25
$226.59
  Title insurance
$1,157
$161
$460.23
  Title work (Title search, plat drawing, name search)
$595
$50
$220.37
GOVERNMENT FEES
Highest
Lowest
Average
  Recording fee
$250
$30
$72.27
  City/county/state tax stamps/intangible tax

$1,425

$50

$557.50
Source: Bankrate.com Research Staff
-- Posted: June 21, 2001
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See Also
More mortgage stories

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National Mortgage Rates
OVERNIGHT AVERAGES
Rates may include points.
30 yr fixed mtg 3.95%
15 yr fixed mtg 3.08%
5/1 jumbo ARM 3.17%



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