First Time Home Buying Loan Estimate Guidance

[/u/AdvanceFeisty3142]

Hey everyone, could you help me evaluate if this loan estimate seems too high? The home I'm looking to buy is priced at $200k. Should I be asking my lender about specific details or negotiating certain fees? Any advice would be appreciated!

Loan Costs​

1. Origination Charges: $4,000
   • Origination Fee: $2,500
   • Underwriting Fee: $1,500
2. Services You Cannot Shop For: $647
   • Appraisal Fee: $525
   • Flood Determination Fee: $12
   • Life of Loan Tax Service: $85
   • MERS Registration Fee: $25
3. Services You Can Shop For: $1,645
   • Title–Express Mail/Courier Fee: $300
   • Title–Lenders Title Policy: $750
   • Title–Settlement or Closing Fee: $595

Other Costs​

1. Taxes and Other Government Fees: $101
   • Recording Fees and Other Taxes: $101
   • Transfer Taxes: $0
2. Prepaids: $1,321
   • Homeowner’s Insurance Premium (12 months): $1,200
   • Prepaid Interest: $106
   • Payment of Overdue Taxes/Duplicate Bill: $15
3. Initial Escrow Payment at Closing: $3,661
   • Homeowner’s Insurance: $300 (for 3 months at $100/month)
   • Property Taxes: $3,000 (for 9 months at $333.32/month)
   • County Property Tax: $361 (for 4 months at $90.37/month)
4. Other Costs: $595
   • Real Estate Broker Compliance Fee: $595

Summary​

• Total Loan Costs (A + B + C): $6,292
• Total Other Costs (E + F + G + H): $5,678
• Total Closing Costs (D + I): $11,970
• Estimated Cash to Close: $17,042

submitted by /u/AdvanceFeisty3142
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First Time Home Buying Loan Estimate Guidance
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