I know this will vary by lender and probably by location, but if anyone has recently closed on a one-time close construction to perm loan (Western NC region specifically), I'd love to know what your fees and closing costs totaled. Looking for as much detail as anyone is willing to provide - ideally something akin to 0.50% origination fee, $5K for draws/inspections, $3K for abc item, etc.
Current (July 2024) one-time close construction to perm loan fees
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Northeast US
I’d have to pull out our papers to see the break down. We didn’t put anything down, we had to prove we had 30% (20% ‘downpayment’ and 10% to cover overage) but we didn’t give it to anyone. It stayed in our account)
3.5% interest (we made our application just before interest started to climb)
800K loan and closing costs 17,800.
So slightly over 2% of the loan amount was allocated to various fees - am I reading that correctly.
Where any of those “prepayments” - I would want to back those out since I’m account for those in a separate budget line. Prepayments = first year insurance or some level of property tax (as the two primary examples)
I stand corrected. Not sure where I got 17,800. Actually only a bit over 10k
Breakdown for 800k loan
processing fee 799.
appraisal fee 575.
Tax service fee 180.
credit report 105.
Municipal lien to town 50.
Insurance tracking 80.
Recording fees 205.
per diem interest 86.
4 months of property tax 9,000
Awesome - thanks. Most of that was tax driven then.
Any inspection / draw fees during the construction period. The other items looks pretty standard for a conventional loan closing.
Yes, each inspection (we had 5 of them) was about 250.
But those were paid at each draw / inspection vs paying at closing?
Oh yea, they wouldn’t come out to inspect w/out us paying first.