Alabama Mortgage Loans

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Mobile Alabama Home Mortgage Closing Cost

Somebody has to pay those closing costs ? fees assessed by the lender, the title company and the real estate firm to make the purchase happen. The list can run as long as 20 to 25 items, some paid by the seller and some by the buyer.

How much are closing costs in Mobile and Baldwin counties?The rule of thumb on a conventional loan is typically 3 percent of the mortgage amount, according to Larry Giardina of Surety Land Title. Still, it's hard to say. Costs vary from south Alabama to Birmingham, and from state to state.

Nationwide, the average origination and title fees on a $200,000 mortgage in 2008 totaled $3,118, according to a Bankrate survey. The fees don't include taxes, insurance or prepaid items such as prorated interest or homeowner association dues, the survey reported.

Alabama's average closing cost was $3,130, according to the survey. For the fourth year in a row, New York City's fees were the highest, averaging $4,016. North Carolina had the lowest average at $2,650. New York's cost is high because of its origination fees ? the profit the mortgage company makes. New York levies taxes on lenders, and that cost is passed along to consumers, according to the survey. Plus, lawyers typically conduct closings in New York, while in many parts of the country including south Alabama, title companies handle closings and usually charge less than attorneys, lenders said.

You can't compare Mobile and Baldwin closing costs to New York, according to Giardina.

For instance, an appraisal in Mobile can run $200 to $350 and in New York, it's $1,000, he said. "Where you are located will determine the closing costs," he said.

The origination fee in Alabama is 1 percent of the loan amount and is paid by the seller. For example, if the house costs $250,000, the fee would be $2,500. The bottom line for consumers: When a Realtor writes a purchase agreement on a single-family residence for a buyer or presents a written purchase agreement to a seller, Alabama law requires that the agent prepare and furnish an estimate of the closing costs, according to Anne Powell, an associate broker at Roberts Brothers and administrator of the Academy of Real Estate in Mobile.

 

"The biggest thing that consumers need to know is that they've got rights and they can get this information in advance," Powell said. "And they can get a good-faith estimate from the lender. Then they've got a road map and know what their options are."

The federal Real Estate Settlement Procedures Act requires that a lender give buyers a good faith estimate that discloses all fees within three business days of the date on the contract, according to Sharon Thompson of Mortgage America in Mobile. The good faith estimate should be within $100 to $200 of the actual cost, unless there is a problem with insurance, she said.

There is no one-size fits all when it comes to prices and fees, but ultimately, someone will have to pay the closing costs. Typically, it's the buyer.

If a buyer doesn't have enough cash to pay for the closing, a seller sometimes agrees to pay, said Mickie Russell, owner of Dauphin Realty in Mobile and Baldwin counties. But, in return, the buyer will pay a higher price for the house to make up for those costs ? as long as the price meets the appraisal estimate, she said.

Different lenders give different names to their fees and that can be confusing, according to agents.

Some lenders consolidate fees and instead of charging separate fees for underwriting, processing and document preparation, they lump them into a lender's fee, according to FeeDisclosure.com, a Bankrate company that provides consumers information on mortgage costs.

Thompson said she calls clients the day before a closing to go over the fees again. "Nobody wants surprises at the closing," she said, adding, "It's not good for anybody in the transaction."

 

Mobile Mortgage Companies

Amicus Mortgage Group Inc
(251) 342-1110 6341 Piccadilly Square Dr
Mobile, AL

Allsource Mortgage Inc
(251) 607-1150 6414 Hillcrest Park Ct
Mobile, AL

Magnolia Mortgage Company
(251) 660-5025 1550 S University Blvd
Mobile, AL


Mortgage America Inc
(251) 338-0690 6414-A Hillcrest Park Ct
Mobile, AL


Advanced Mortgage
(877) 921-5347 Serving Mobile, AL

Vision Bank
(251) 981-5900 25051 Canal Rd
Orange Beach, AL


First Southern Mortgage Company Inc
(251) 470-1881 6352 Piccadilly Sq
Mobile, AL


Mortgage Team 1
(251) 650-0805 6336 Piccadilly Square Dr
Mobile, AL


Worthington Mortgage Group
(251) 981-5626 1544 W Second St Suite 108
Gulf Shores, AL


Ace Cash Express
(800) 928-6035 Mobile, AL



Legacy Funding
(251) 947-4860 13700 White Rd
Silverhill, AL


Acceptance Loan Company
(251) 971-1915 620 N Mckenzie St
Foley, AL

Acceptance Loan Co
(251) 345-0590 3494 Spring Hill Ave
Mobile, AL


Boyda Mortgage
(251) 634-2160 7355 Airport Blvd
Mobile, AL


Wachovia Mortgage
(251) 972-8833 700 S Mckenzie St
Foley, AL


Wachovia Mortgage
(251) 370-1220 6750 Airport Blvd
Mobile, AL


Wachovia Mortgage
(251) 972-8811 700 S Mckenzie St
Foley, AL


Camden National Bank
(334) 682-4215 3 Water St
Camden, AL

Wachovia Mortgage Corporation: Residential Mortgage Services
6750 Airport Blvd # D
Mobile, AL
(251) 344-1230

Coastal Community Mortgage
3173 Dauphin St
Mobile, AL
(251) 450-3866

Magnolia Mortgage Co Inc
1550 University Blvd S
Mobile, AL
(251) 661-2835

Citifinancial
4373 Downtowner Loop S # B
Mobile, AL
(251) 342-9094

Americas Ez Mortgage
1659 Government St
Mobile, AL
(251) 478-7778

Wells Fargo Financial
1110 Montlimar Dr # 100
Mobile, AL
(251) 344-1345

Regions Mortgage
3250 Airport Blvd
Mobile, AL
(251) 434-3330

Colonial Bank
41 W I65 Service Rd N # 100
Mobile, AL
(251) 340-8700

Alabama Central Credit Union
797 Downtowner Blvd
Mobile, AL
(251) 343-1692

Allsource Mortgage Inc
3514 Montlimar Plaza Dr
Mobile, AL
(251) 343-3131

American General Financial Services
3252 Cottage Hill Rd
Mobile, AL
(251) 473-4222

AFC Mortgage
3315 Demetropolis Rd # 101
Mobile, AL
(251) 666-8998

SunTrust Mortgage Inc: Mobile Office
900 Hillcrest Rd # A3
Mobile, AL
(251) 344-1191

Alabama Telco Credit Union
809 Downtowner Blvd
Mobile, AL
(251) 343-2027

America's First Federal Credit Union
1050 Montlimar Dr
Mobile, AL
(251) 342-2328

First Federal Mortgage
6353 Piccadilly Square Dr
Mobile, AL
(251) 344-5626

Consumer First Mortgage
509 Two Office Park Dr #509
Mobile, AL
(251) 344-5477

Army Aviation Center Federal Credit Union
750 Downtowner Blvd # 1
Mobile, AL
(251) 342-6386

Whitney National Bank
25 W I65 Service Rd N
Mobile, AL
(251) 665-1700

A & C Home Lending Inc
572 Azalea Rd # 124
Mobile, AL
(251) 602-5219

American General Financial Services
1010 Schillinger Rd S # D
Mobile, AL
(251) 634-9655

New South Federal Savings Bank
6321 Piccadilly Square Dr # C
Mobile, AL
(251) 639-0300

Century Bank
5370 Highway 90 W
Mobile, AL
(251) 665-7020

Mortgage Team 1 Inc
6336 Piccadilly Square Dr
Mobile, AL
(251) 650-0805

Mortgage South
3601 Springhill Business Park
Mobile, AL
(251) 344-3958

Acceptance Loan Company
Suite D, 5256 Hwy 90
Mobile, AL
(251) 661-5776

Commercial & Home Lending Mortgage Co
3103 Airport Blvd # 620
Mobile, AL
(251) 478-7933

Home Mortgages Co
2521 Hillcrest Rd # A
Mobile, AL
(251) 661-5553