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Rates, Fees And Closing
Costs
For
Construction And Rehabilitation Loans
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 Because
of the variety of the
construction loan 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.
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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.
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Appraisal
Fee
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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
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Full residential
credit report, at $60. |
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Tax Service
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Typically runs at
$76 |
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Flood Check
Fee
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Typically runs at
$30. |
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Escrow Fee
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Is a factor of
the transaction amount, and is typically split between
buyer and seller. |
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Title
Insurance
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Is a factor of
the transaction amount, and is typically split between buyer
and seller. |
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Recording Fee
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At about $50. |
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Notary Fee
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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
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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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Mortgage Calculators and Rates
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Questions?
Call us Toll Free
or Send an Email,
with any questions or concerns that you may have. Visit Our
State Specific Contact Page,
where you can find our phone numbers to call us, contact us by email
or complete our short, secure application form.
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