Estimated Closing Costs

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Estimated Closing Costs

Each company providing a service in connection with your loan has their own fees which, according to federal regulations issued by the Department of Housing and Urban Development (HUD), must be broken down and itemized. The list below is meant to give you an idea of what these charges might be, it is NOT intended to be a legal disclosure, which you'll receive by email shortly after applying for a loan with us.

HUD publishes a booklet called Settlement Costs, which defines these fees. You may view or download Settlement Costs now in PDF format. You may also view or download the Consumer Handbook of Adjustable Rate Mortgages (CHARM). This estimate is based on a 30 year fixed refinance first mortgage on a single family residence, with a loan amount of $100,000 in the state of New York. Reminder: Fees vary from state to state, certain fees may or may not pertain to your particular loan or state.

The Mortgage Shop Fees
These fees are determined by the loan product you choose, and are paid to The Mortgage Shop.

Third Party Fees
These fees are for services rendered. Please note that we require the borrower to pay for the appraisal up-front directly to the appraisal company.

HUD#	The Mortgage Shop & Third Party Fees
801	Loan Origination @ 1.00%	$1,000
802	Loan Discount	$0
803	Appraisal Fee	$300
804	Credit Report	$0
808	Underwriting	$425
809	Application Fee	$0
810	Document Preparation	$350
811	Processing Fee	$375

HUD#	Lender Prepaid Items
901	Interest from to per day	$
903	Hazard Insurance Premium	$
904	Flood Insurance Premium	$

Title Company or Attorney Fees
The Mortgage Shop continuously seeks out those service providers who can provide the best service and rates. Since these fees are determined by the company used,we can only provide estimates at this time.

HUD#	Title Company or Attorney Fees
1101	Closing Fee	$650
1102	Abstract or Title Search	$250
1103	Title Examination	$175
1107	Attorney Fee	$
1108	Title Insurance	$700
1109	Lenders Coverage	$
1110	Owners Coverage	$

Government fees
These fees are set by government
authorities and will apply for any loan chosen.

HUD#	Government Fees
1201	Recording Fees	$150
1202	City/County Tax/Stamps: 1.75% (NYC Only)	$1,750
1203	State tax/Stamps Deed: 0.75% (All NY counties except NYC)	$750
1303	Tax Service Fee	$0
	Estimated Closing Costs	$6,125 (NYC) $5,125 (Other)

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