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Grand Oak Mortgage Closing Costs
Closing costs are the fees and expenses a homebuyer incurs when applying for a mortgage and making settlement on the loan. But many mortgage companies do not give the customer a clear estimate of these closing costs. The result is sometimes a last minute and possibly costly surprise at settlement.
Grand Oak Mortgage Company doesn't believe in surprises. We strive to give you the lowest fees available and give you a complete breakdown of your estimated closing costs. Your Grand Oak Mortgage Company Mortgage Specialist will review all your closing cost with you during loan appliction in detail to ensure your settlement is a smooth, easy and hassle-free experience.
Typical Third Party Closing Cost Fees Charged by Grand Oak Mortgage Company
Grand Oak Mortgage Company offers some of the lowest closing costs in the industry. In many cases, these fees can be reduced or eliminated by accepting a slightly higher interest rate.
1. Appraisal Fee: $300 - $450 Costs of appraisals vary depending on where the property is located within the state of Michigan. Appraisals for Investment Properties can range from $450 - $675 depending on how many units the property is.
2. Credit Report Fee: $5 - $45 Cost of credit reports vary depending on whether your loan is processed "manually" or with the Fannie Mae/Freddie Mac Automated Underwriting system.
3. Document Preparation Fee: $100 Cost to supply closing documents which are signed by borrowers at the time of settlement.
4. Underwriting Fee: $525 - $995 (depending on the lender) Fee charged by lender to underwrite the file, ensure flood certification and tax service / set-up fee.
Settlement Agent/Title Company Fees
These fees vary from area to area and company to company. Fees are also different for purchase and refinance loans. We encourage you to consult with your local title companies to get the most accurate figures for these closing costs. Following are some additional fees you may be charged:
1. Closing Fee: $150 - $450 - Purchase transactions are on higher end of range.
2. Title Insurance: $2.50 per $1,000 borrowed
3. Recording Fee: $32 - $72 Fee will vary from county to county.
4. Courier Fee: $20 - $40 Fee will vary depending on the number of overnight packages required.
Borrowers who desire to maintain their own escrow accounts (pay your own taxes and insurances) can do so provided they have 20% equity in their property. The cost for this option is either an additional .25 percent of your loan amount or an increase of 1/8% to the interest rate. 
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"Our Loan Officer and Loan Processor were great to work with, they were pleasant and helpful" - Mr. & Mrs. Pulliam
"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
*We are proud to announce that all of our Loan Officers are S.A.F.E. act compliant.
