Reasonable closing costs for a NY State Mortgage?

[toddmanqa]

My wife and I were approved for an FHA refinance. Then, we came into an inheritance and I realized that we could save $$$ by putting 20% down and moving onto a non-FHA loan.

However, the closing costs have increased substantially and I am wondering if they are fair.

Before, on the FHA LOAN, with a finance amount of $185K over 30 years, the costs were:

4.5% with no points


Orig.Charge..............4,170.88.
Credit..................(5,796.22)
Adjusted.Orig...........................(1,625.34)


Services
Mortgage.Insurance......4,081.46.
Appraisal.................375.00.
Credit.Report..............21.00.
Tax.Service................90.00.
Flood.Cert.................26.00.
Total.Services..........................4,593.46.

Title.Insurance.........................1,498.00.
Govt.Recording............................400.00.
Transfer.Taxes..........................1,829.79.
Prepaid.................................2,596.00.
Daily.Interest............................115.92.

Grand.Total.............................9,407.83.

The.non-FHA.Loan.will.be.$148K.over.30.years.at.
4.375%.with.no.points,

Orig.Charge..............3,760.00.
Credit..................(2,590.00)
Adjusted.Orig...........................1,170.00.

Services
Mortgage.Insurance.........0
Appraisal..............375.00.
Credit.Report...........21.00.
Tax.Service.............90.00.
Flood.Cert..............26.00.
Total.Services............................512.00.

Title.Insurance.........................1,495.00.
Govt.Recording............................400.00.
Transfer.Taxes..........................1,500.00.
Prepaid.................................3,786.00.
Daily.Interest.............................54.74.

Grand.Total.............................8,917.74.


The morgage insurance cost dropped by $4,081, but the origination cost went up by $2795. I feel like the broker is grabbing some of my money.

Are these fees on the new loan reasonable?

[shayne54]

They seem reasonable to me, but you could shop around. In today's mortgage world, no one has a deal that another bank cannot do. In other words, if Wells Fargo is quoting you one deal then Chase Manhattan or Bank of America can do the same exact deal.

[Alfie]

it always a good idea to have a look around and maybe say that you have checks other places and see if they will try and match or offer a better deal

[2muchdebt]

Yeah, it can't hurt to shop around and compare larger companies to smaller, more local lenders