mortgage

Michigan closing costs

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Michigan closing costs
Origination fees charged by lenders$1,049
3rd-party fees$989
Total$2,038
CityDetroit
Loan amount$200,000
 
Itemized origination fees charged by the lender
Origination points$276
Commitment fee$370
Document preparation$58
Broker, originator or lender$1,008
Processing$1,045
Tax service$77
UnderwritingN/A
 
Itemized 3rd-party fees
Appraisal$437
Attorney, closing or settlement$428
Credit report$21
Flood certification$10
Postage/courier$100
Survey$297
  

Bankrate.com surveyed up to 10 lenders in each state in June 2016 and obtained online Loan Estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment in a large city. Costs include fees charged by lenders, as well as 3rd-party fees for services such as appraisals and credit reports. The survey excludes title insurance, title search, taxes, property insurance, association fees, interest and other prepaid items. The itemized average fees do not total to the average fees because the lenders' charges vary. For example, not all lenders charge a document preparation fee.

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