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Closing Costs
First Mortgage Loans
Phone: (423) 648-3413, Fax: (423) 698-2912, email: epbecu@epbecu.org
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Costs

Closing costs must be paid at the time the loan is closed. Usually the costs are paid at closing with the "buyer" bringing in funds or the "refinance borrower" having them netted out of the final loan proceeds. On property located in Tennessee with a value of $100,000, the following chart shows an estimate of the costs for a 90% loan:

TYPICAL CLOSING COSTS

On a loan amount of: $90,000.00
Origination Fee 0.00
Credit Report 50.00
Appraisal Fee 350.00
Title Insurance 450.00
Document Preparation 50.00
Closing Fee 150.00
Flood Certification 20.00
Recording Fees 30.00
Mortgage Tax 464.50
Total: $1,564.50

TYPICAL PRE-PAID ITEMS

Homeowner's Insurance 615.00
10 days Prorated Interest (6.50%) 160.27
Total: $775.27

ALTOGETHER, YOUR OUT-OF-POCKET MONEY WOULD CONSIST OF:

Down Payment: $10,000.00
Closing Costs: 1,564.50
Pre-paid items: 775.27
Grand Total Due At Closing: $12,339.77

Again, the above is only an estimate of costs involved in a first mortgage loan. Additional factors may come into play depending on individual circumstances.

Purchasing a House Refinancing a Mortgage Closing Costs Payments