While the specific amount of your closing costs will vary, here are the reasons why the fees may change:
- A home loan often involves many fees, such as the appraisal fee, title charges, closing fees and state or local taxes. These fees vary from state to state and also from lender to lender.
- To assist you in evaluating our fees, we've grouped them as follows: third party fees, taxes and other unavoidable costs, and lender fees.
- Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees and courier/mailing fees.
- Third party fees are fees that we'll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.
- Fees that we consider to be taxes and other unavoidable costs include: state/local taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote fees that include taxes and other unavoidable fees, don't assume that you won't have to pay them. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.
- Lender fees such as points, document preparation fees and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.
This is the category of fees that you should compare very closely from lender to lender before making a decision. You can get an accurate estimate of what your closing costs would be with Schools Financial Credit Union by contacting us at 916-569-5400. You can view an example of potential closing costs here.