Closing costs – underwriting fees & processing fees

This is the second installment of Metro Detroit mortgage closing costs.  Usually closing costs are around $2000.  Banks or what ever lender you are going through charge for underwriting your loans.  “Underwriting fee” is  the charge that banks and lenders charge for overhead of hiring processors and underwriters to approve your loan.

The range of “underwriting fee” goes from $400 – $600 depending on the company.  Almost every bank and lender charges this fee.  Sometimes you also see a “processing fee”.  Again those fees range from $200 – $900 depending on the company.  Many times banks will not charge this fee where as a mortgage broker might.

Michigan mortgage closing costsvary from lender to lender, mortgage broker to bank.  Every company has there own set of fees.  That is why it is important to compare Good Faith Estimates, and Truth in Lending forms.  That way you can compare fees.

However many loan officers play the game of leaving off a fee.  So sometimes you can’t get an accurate figure for Metro Detroit mortgage closing costs.  Have them put on letter head how much your total closing costs will be.  Total fees in writing.

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