What is the closing cost of my loan?

We use many lenders so closing costs can vary widely. This also depends on the total loan amount. A general rule of thumb is 2.00% to 3.00% of the total loan amount. The larger the loan amount, the lower the closing costs as a percentage to the transaction it would cost for closing.

EXAMPLE: A $4,000,000 loan amount would be about $80,000 in closing costs, or 2.00% of the loan. A $2,000,000 loan might cost $60,000 in closing costs (3.00% of the loan). These estimated closing costs pay for the following:

  • Property Appraisal
  • Property Condition Report
  • Environmental Report
  • Insurance Review
  • Title Insurance
  • Land Survey
  • Lender Processing Fee
  • Bell Air Enterprises Fee