I'm closing on my first 4-family rental property in about 40 days. I received the fee worksheet and it seems very high. The property is only $101k. The down payment will be 25%, so the loan will only be about $75k. Below are the actual fees on the Fee Worksheet. Between pre-paids and closing costs they are totaling $7,610. Does that seem really high to anyone else?
Looking for thoughts on if any of these charges are BS, overpriced, unnecessary, etc. Thanks!
FEE WORKSHEET:
Discount Fee Memo Item - $1,136.25
Appraisal Fee - $500
Credit Report - $32.50
Tax Service Fee - $72.00
Flood Determination Monitoring Fee - $4.00
Application Fee - $350.00
Processing Fee ($450.00-L) - $450.00
Appraisal Management Company Fee - $140.00
Automated Underwriting Fee - $20.00
Underwriting Fee ($400.00-L) - $400.00
Electronic Closing Fee - $15.15
Pre-paid Interest - $259.86
Pre-paid Homeowners Insurance Premium - $1,000.00
Title-Closing Fee - $560
Title-Owner's Title Insurance - $376.75
Title-Lender's Title Insurance - $304.00
Title-EPA Endorsement - $75.00
Title-Survey Endorsement - $50.00
Title-Closing Protection Letter - $40.00
Title-Restrict/Encroach/Mineral - $150.00
Recording-Deed - $28.00
Recording-Mtg - $212.00
City/cty tax/stamps Deed - $202.50
State tax/stamps - Deed - $101.00
Property Inspections - $600.00 (this will be paid out of pocket by me and wont' be this much)
Homeowners Insurance - $249.99
Hamilton County taxes - $364.34
AGGREGATE ADJUSTMENT - -$83.33
GRAND TOTAL - $7,610.01