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PHMC Closing Costs

Closing costs are any costs associated with making a mortgage that would NOT be required if you were paying cash for a home.  That rather vague definition leaves a lot of room for creative bookkeeping.  Many mortgage companies do just that: they conceal how much it is really going to cost you to close your mortgage.  Some companies lump together a lot of closing costs under legal fees, and then subtract them from their closing costs because they are legal fees, not closing costs.  

These are our ESTIMATED Closing Costs. It is impossible for any company to concisely estimate the closing costs for all types of loans and all cost options in one table format.   The chart below itemizes the closing costs for the AVERAGE transaction.  While individual costs may vary according to the circumstances that relate to your transaction, we attempt to be straightforward and accurate..   Upon submission of an application, you will be provided a Good Faith Estimate. You should refer to the numbers on that document for an accurate representation of your costs for your loan scenario. The closing cost fees represented in the initial Good Faith Estimate are binding to a 10% tolerance, as long as the terms of your loan do not change.   If such circumstances develop, we will inform you about the additional charges and the reasons for them.  Use this chart when comparing mortgage costs  from other companies.  If you see an item on our closing cost list that isn't on theirs, ask why.  Chances are you are paying for it elsewhere..   The list below is in no way meant to replace the Good Faith Estimate, be an addendum to the information provided in the Good Faith Estimate, or correct the Good Faith Estimate.

Requested Loan Terms

Loan Purpose: Purchase
Occupancy: Owner
Ammortization 360
Property Type Single Family
Est. Value/Price $424,000.00
Loan to Value: 59%
Combined L.T.V. 59%
Projected FICO score: 760
Escrows: Full
Lock Period: 30 Days


Today's Requested Rate

Loan Amount: $250,000.00
Loan Type: Full Documentation
Loan Rate: 4.25%
APR: 4.32%
1st lien P&I payment $1,229.85

Estimated Closing Costs

Discount Points: $ -
Guaranteed PHMC Broker Fee: $1,875.00
Guaranteed Lender Credit: $(2,042.50)
3rd Party Appraisal Fee $450.00
3rd Party Credit Fee $26.66
3rd Party Tax Service Fee $0
3rd Party 4506T Fee $0
Underwriter/Lender Fee $895.00
3rd Party Flood Certificate Fee $12.00
Lender's Title Insurance $625.00
Attourney Fee: $550.00
Municiple Lien Certificate: $50.00
Recording Fees: $378.00
Plot Plan: $175.00
Wire Fee: $0
Total Closing Costs: $3136.00
Optional Owner's Title Insurance: $1125.00
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