ARM Closing Costs Comparison Chart:
| Description | Industry Avg. | ING DIRECT | Savings |
|---|---|---|---|
| Origination Charges | |||
| Origination Charge | $1,472.00 | $1,250.00 | $222.00 |
| Points | $2,500.00 | $0.00 | $2,500.00 |
| Subtotal | $3,972.00 | $1,250.00 | $2,722.00 |
| Third Party Fees | |||
| Appraisal Fee | $450.00 | $450.00 | $0.00 |
| Credit Report | $37.00 | $8.50 | $28.50 |
| Flood Certification | $22.00 | $6.00 | $16.00 |
| Settlement or Closing Fee | $550.00 | $550.00 | $0.00 |
| Lender's Title Insurance | $400.00 | $400.00 | $0.00 |
| Government Recording Charges | $138.00 | $138.00 | $0.00 |
| Subtotal | $1,597.00 | $1,552.50 | $44.50 |
| Other Closing Costs | |||
| Transfer Tax | $344.00 | $344.00 | $0.00 |
| Daily Interest Charges of 1 Day | $27.78 | $27.78 | $0.00 |
| Subtotal | $371.78 | $371.78 | $0.00 |
| Grand Total | $5,940.78 | $3,174.28 | $2,766.50 |
The total above does not include Homeowner's Insurance. Applicants receive a Good Faith Estimate (a document showing your estimated closing costs) which includes an estimated annual premium for Homeowner's Insurance if the loan is for the purchase of a home. All banks require you to have this coverage. Keep in mind, ING DIRECT will not purchase Homeowner's Insurance for you. You will be required to provide proof of Homeowner's Insurance at closing.
