Ever been confused or surprised by closing costs? With Regency Mortgage, that will never happen again.
Below, you’ll find a straightforward example of our closing costs. In each section, you’ll find notes to help you adapt the costs for different loan situations. It’s an estimate, but based on our years of experience, it’s a very accurate one.
Once we have your mortgage application, and you select a property to buy, we’ll provide you with an updated version to more accurately document your closing costs.
This example is based on a New Hampshire single family residence (click here for Maine, Massachusetts, Vermont, or Florida). It assumes a price of $250,000, with a $200,000 loan at 6.75% APR, and a 30-year fixed rate with no points. It doesn’t apply to FHA, VA, or non-conventional loans, so please ask one of our Mortgage Planners to receive a “Itemized Fees Worksheet” for those types of loan applications.
Regency Mortgage Fees
When your loan closes, your application deposit is credited back to you. And if your loan doesn’t close, we refund the unused portion of your deposit to you.
|Single family, full loan application||$450|
|2-4 units, full loan application||$600|
Many mortgage brokers and lenders charge an origination fee. At Regency Mortgage origination fees are rarely charged. When it does happen, it’s a pricing and/or accounting requirement from the servicing lender.
Discount points are determined by the interest rate and terms you choose. Typically, for every 1/2 point you pay at closing, your interest rate is discounted by approximately .125% – .250%.
Certain fees are required to be disclosed as an Origination Fee. This charge is made up of the following fees: processing fee, underwriting fee, documentation perperation fee, bankwire fee, and courier fee.
Third Party Fees
Certain fees are collected by Regency Mortgage on behalf of the service providers which will be itemized on your HUD1 Settlement Statement at closing.
|Appraisal Fee (est. single family residence. A 2-4 unit property is $600)||$455|
|Credit Report Fee||$66|
For your convenience, Regency Mortgage works with numerous title companies and attorneys. We work hard to keep these fees extremely competitive.
|Settlement or Closing Fees (est.)||$675|
|Lenders Title Insurance||$400|
These fees are set by various government entities, and are applicable to all loans.
|Recording Fee (est.)||$165|
|Transfer Tax (est.) – NH @ $7.50 per $1000 on purchase price. (ME @ $2.20 per $1000 on purchase price.)||$1875|
Estimated Prepaid Items
Though you pay these at closing, these items aren’t actual “closing costs.” Lenders require that you pay for such things as interest accrued on your loan between the closing and your first loan statement; real estate tax and homeowners’ insurance escrows; and mortgage insurance escrows, if required.
|Per diem interest (est. @ 15 days)||$562.50|
|Mortgage Insurance Escrow (est.)||$0|
|Homeowners Insurance Escrow (est.)||$120|
|Real Estate Tax Escrow (est.@#200/yr.)||$2240|