See results of the
2006 survey

Lenders, brokers and third-party mortgage originators charge all sorts of fees to borrowers. It’s hard for borrowers to know whether they’re being overcharged.

To clarify things, Bankrate.com gathered closing-cost information in 50 states and the District of Columbia. Researchers found lenders that calculate good faith estimates on their Web sites. The researchers then collected good faith estimates from six lenders that do business in each state and the district, for a total of 306 good faith estimates.

We have listed the highest, lowest and average fees quoted by the online lenders. We also have listed the percentage of institutions that charged a certain fee. For example, 47 percent of the good faith estimates charged origination points. This is a fee, based on the size of the loan, that covers some of the lender’s overhead costs and profit. Forty-six percent of the good faith estimates listed a broker or lender fee — sometimes instead of origination points, and sometimes in addition to origination points.

Some estimates listed title insurance and some didn’t. Some estimates listed state and local taxes, and others didn’t.

All the estimates were based on a $180,000 loan to an applicant with good credit who makes a down payment of at least 20 percent on the purchase of a single-family residence. For a printable version of this chart with space to compare your lender’s costs,
click here.



Closing costs: How does your loan compare? (Figures are based on a $180,000 loan)

LENDER/BROKER FEES
Highest
Lowest
% of institutions charging
Average
 
Points in $
$3,148
$225
47%
$1,038
 
Administration fee
$600
$325
14%
$336
 
Application fee
$350
$200
18%
$205
 
Commitment fee
$660
$295
2%
$498
 
Document preparation
$400
$25
34%
$194
 
Funding fee
$375
$200
14%
$228
 
Mortgage broker or lender fee
$1,161
$150
46%
$839
 
Processing
$595
$37
45%
$320
 
Tax Service
$100
$60
82%
$73
 
Underwriting
$749
$100
40%
$269
 
Wire transfer
$45
$15
50%
$31
THIRD-PARTY FEES
Highest
Lowest
% of institutions charging
Average
  Appraisal
$600
$250
83%
$327
  Attorney or settlement fees
$1,423
$50
93%
$445
  Credit report
$55
$8.50
81%
$29
  Flood certification
$25
$10
95%
$17
  Pest & other inspection
$200
$30
8%
$68
  Postage/courier
$100
$25
81%
$45
  Survey
$400
$50
28%
$174
  Title insurance
$2,075
$50
83%
$605
  Title work
(Title search, plat drawing, name search)
$625
$25
29%
$200
GOVERNMENT FEES
Highest
Lowest
% of institutions charging
Average
  Recording fee
$220
$23
99%
$76
  City/county/state tax stamps/intangible tax
$6,750
$22.50
33%
$1,339
TOTAL FEES
Highest
Lowest
% of institutions charging
Average
  All fees of all types
$11,395
$1,020
100%
$3,350
Source: Bankrate.com researchers Karen Christie and Debbie Carrick