Closing Costs

There are certain standard costs associated with getting a new loan. 

As a California Mortgage Banker, I will walk you through all the closing costs, both Non-Recurring and Recurring.

Non-Recurring Closing Costs

Non-Recurring Closing Costs are those costs that you only incur once when you get a new loan.  They can be broken down as follows:

1.  The Loan Origination Fee.

As a Mortgage Banker, I do not charge a Loan Origination Fee.  As the government just passed legislation and now regulates compensation, I can discuss this with you at the beginning of your loan.   

2. Other Non-Recurring Closing Costs (NRCCs)

Here is a list of the most significant NRCCs for any loan.  These are standard and necessary closing costs that are paid to 3rd parties, like the lender and the title company. These costs are paid out of escrow to the companies who perform loan related services. 

Processing:  $350.   With Mortgage Brokers, Processing is typically $100 or more than this.

Appraisal:  Typically $415.

Credit Report/Automated Approval:  Typically $36.00.

Title and Escrow Fees

Title Insurance is $625 for loan amounts between $250K and $450K.  It varies by loan amount.

Total All Escrow Fees:  $Approx. $400, with an additional $125-$175 for Notary Services. 

Recording:  $85 +/-