How much should my closing costs be?
Your closing costs depend on the type of loan you decide is best for you. If you meet the profile of a non-risk borrower, you normally pay the following amounts depending on your home state.

* Origination: 1% of the loan amount
* Discount: $0, unless you decide to “buy” the rate down (refer to FAQ #2)
* Appraisal: $325-$350 depending on the house size
* Credit Report: $65 for a full 3 bureau credit report (refer to FAQ #4)
* Underwriting: $350 payment to the end investor for services provided
* Lender: $250 payment to the lender for services provided
* Flood Certification: $25 certification that your property is not in the 100 yr. flood zone.
* Title Charge: $450 payment to the title company for closing your loan
* Title Policy: 1% of purchase price depending on the state (the seller normally pays)
* Recording: $200 payment for filing fees depending on the state

As you can see there are many fees associated with purchasing or refinancing a home. Many of these costs are third party charges and cannot be negotiated by you or the lender. However, often times the lender will pay some of these fees for you in exchange for a slightly higher interest rate.