|
Rates,
Fees And Closing Costs |
For
Construction And Rehabilitation Loans
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|
Because of
the variety of the programs we offer, our rate sheets are a little
too complex to be reproduced in a sensible manner on the web.
Adjustable rates are as Low Prime Minus One. A variety of 30 year
programs are offered with 5, 7, 10, or 30 year Fixed Rate periods,
at surprisingly low rates.
We will of
course be glad to quote you a rate as soon as you give us some
information as to what your needs are.
The
following is a list of typical fees charged. When you apply for a
loan we will mail you a Good Faith Estimate of closing costs. This
document will more accurately list and estimate the cost of your
loan. |
Lender
Related Fees
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|
These
are fees directly associated with the loan origination.
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| Loan
Origination |
This
fee varies, depending on such factors as, Amortization
period, Construction period, the size of the loan and
documentation requirements.
Starting
at 1% it rarely exceeds 3% |
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|
Processing/
Underwriting |
These
fees are charged to the seller in Rehabilitation loan cases.
In a construction loan case, depending on the loan type they
rage between $595 and $995. |
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|
|
Document
Preparation
Fee |
Also
charged to seller in a rehabilitation loan. It ranges
between $200 to $300 for construction loans. |
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Third
Party Fees
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|
These
are fees charged at close of escrow, which are paid for services
provided by outside parties. Some of these fees are regulated by government
agencies.
|
| |
Appraisal
Fee
|
In
the case of a construction or rehabilitation loan, the
appraisal report is somewhat more involved, as the appraiser
has to determine the value of something that is not actually
there. Typical fees range between $400 to
$800. |
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|
Credit
Report Fee
|
Full
residential credit report, at $60. |
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|
Tax
Service
|
Typically
runs at $76 |
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|
Flood
Check Fee
|
Typically
runs at $30. |
|
|
Escrow
Fee
|
Is
a factor of the transaction amount, and is typically
split between buyer and seller. |
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|
Title
Insurance
|
Is
a factor of the transaction amount, and is typically split
between buyer and seller. |
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|
Recording
Fee
|
At
about $50. |
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|
Notary
Fee
|
At
about $25. |
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Pre-Paid
Costs
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|
At close of escrow,
there will typically be some charges to cover items such as
pro-rated taxes, insurance and pro rated interest.
|
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Pre-paid
Interest
|
Interest
on the loan until first payment is due. depends on loan
amount and closing date. |
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| Property Taxes |
Are pro rated. |
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| Hazard Insurance |
First year is
typically payable in advance. |
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