Mortgage closing costs – wire fee

So you are getting ready to close on your new Plymouth home.  And your mortgage person just sent over the closing documents for you to review.  You are looking at the HUD 1 settlement statement which is the paper that spells out all the costs and credits.  You notice one line that says wire fee.

Why should you be paying a wire fee and what is it.  A wire fee is what I call a pass a long charge.  It is a necessary charge and what I call a non arguable charge.  Banks charge their customers a fee to wire or to get a wire of money.  Money is wired from your lender to the title company.  This is the quickest way to get the money you need to buy the house.  But unfortunately banks charge for this wire service.  So the title company passes along that charge to you.

The title company won’t absorb the wire service charge.  So it shows up on the HUD 1 Settlement statement as a charge.  It is usually called a wire fee.  Usually the wire fee is $15.00 to $25.00

For more on Michigan mortgages, mortgage closing costs check out the category on the side

 

 

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