The Closing Timeline for Dearborn Real Estate Deals Closing a real estate transaction in Dearborn, Michigan, involves a number of steps and parties working together—from offer acceptance to receiving the keys. While many of the general timelines you’ll encounter apply nationwide, it’s helpful to know the local specifics and regulatory details that affect the process […]
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| Provider and Settlement Service | Charge or Range of Charges |
|---|---|
| Sonic Realty LLC | 1%-6% of purchase price |
| Sonic Title Agency, LLC |
Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.) Title Search Fee: $250 - $325 (where applicable) Closing Fee: $450 - $650 |
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Sonic Loans Inc. This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing. |
Loan Origination Charge: 0-3 % of loan amount (may include 3rd party fees) Loan Discount Fee/points: 0.5%-6% of loan amount. Application/Processing Fee: $0.00 - $875.00 Flood and tax service: $0.00 - $95.00 Underwriting Fee: $0.00 - $1295.00 Document Review Fee: $0.00 - $400.00 Appraisal Fee: $0.00 - $850.00 Credit Report Fee: $0.00 - $135.00 Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing. |
| Provider and Settlement Service | Charge or Range of Charges |
|---|---|
| Appraisal Fee | $0-$800 |
| Credit Report Fee | $63-$125 |
