How much are closing costs?

Closing costs vary from loan to loan. Some fees are the same on every transaction but the total itself will be different. The major variables that affect costs are the loan amount and the interest rate. A $250,000 loan will have more costs than a $75,000 loan. Generally, the higher rate you are willing to take, the lower the closing costs. The lower the rate you are shooting for, the higher your closing costs are. Unfortunately, it’s not a situation where you can have your cake and eat it too.

Fees that are the same on every transaction or, third party closing costs, are paid by you. Appraisal, credit report, attorney fees, title search and exam, recording, and wire fees are generally all examples of constant fees. Closing costs can be paid out of pocket at closing or can be financed into the loan. If you finance them into the loan, this will raise the new balance on what you will owe, but usually it will be insignificant enough to affect your payment much.

Your loan consultant will be able to show you a GFE (Good Faith Estimate) that breaks down these costs and they will be able to explain them to you line by line.

Infinity Financial Group is a small family operated business. That’s good news for you as a consumer because we have no corporate strings attached. Yes, we do charge to help you with your purchase and refinance needs, but we will not turn away any loan due to its size and we are willing to negotiate some fees, if necessary. Our goal is to help you with your financing needs while keeping fees reasonable. Then everyone wins.