Overview
Closing costs can vary depending on the loan product, loan amount, and the state in which the transaction occurs. Here, we provide a general guide to the typical closing costs you might expect when securing a loan with New Silver. Please note that all fees are subject to change.
Loan Types and Associated Costs
1. Fix and Flip and Ground Up Construction
Fees Paid to New Silver:
Origination Fee: 1.875% to 3% of the loan amount (minimum $3,500)
Underwriting Fee: $1,000
Legal Fees: $1,350
Additional Costs:
Title and Insurance Review: $500
Prepaid Interest: Varies based on the loan details
Title-Related Charges:
Title Insurance
Title or Attorney Closing Fees
Recording Fees
Applicable Town, State, and/or Transfer Taxes
2. Rent (Rental Property Financing)
Fees Paid to New Silver:
Origination Fee: 1.75% to 2.5% of the loan amount (minimum $3,500)
Underwriting Fee: $1,000
Lender Related Charges:
Processing Fee
Closing Fee
Prepaid Interest, Taxes, and Insurance
Escrow Reserves
Title-Related Charges:
Title Insurance
Title or Attorney Closing Fees
Recording Fees
Applicable Town, State, and/or Transfer Taxes
Note on Variability The specific costs and fees can vary by state and the specifics of your loan agreement. These estimates provide a framework, but it's important to discuss the final figures with your loan officer to understand the exact costs you will face at closing.