Scaled Closing Costs

What are Scaled Closing Costs?

Scaled Closing Costs is an innovative way to calculate certain buyer/borrower closing costs based on the loan or the purchase price of the home.  This brand new pricing concept can potentially save buyers and sellers hundreds of dollars or more.

Our standard fees for closings on Shelby County properties are as follows:

Loan/Purchase:             under $80K     80K-175K      175K-250K   250K+

Closing/Settlement Fee:    $175                $150              $100                $0

Attorney Fee:                    $175                $150              $100                $0

Admin Fee:                       $65                  $65                $65                 $65

Notary Fee:                       $10                  $10                 $10                  $0

How does Scaled Pricing Work?

With Scaled Pricing, our standard attorney and settlement fees for the borrower/buyer decrease as the loan or the price of the home being purchased goes up.  Once the purchase price reaches the $250,000 threshold, these fees go away completely for the buyer.  Plus, we’ll close the seller’s side of the transaction FREE if Saddle Creek Title is also the closing agency for the buyer. 

What are the advantages of having Scaled Closing Costs in your transaction?

The most obvious advantage is saving money for buyers and sellers.  In today’s market, it’s becoming increasingly harder to get a deal done.  With the hundreds of dollars saved through our scaled pricing concept, there are more funds available to be used toward repairs, loan costs and other charges.  This is value added to your transaction!

For example, at a recent Saddle Creek Title closing, a first time home buyer had contracted to purchase a home where the seller had agreed to pay a fixed % of the purchase price toward the buyer's closing costs.  The buyer locked her rate the day before closing but rates fell the day of closing.  The lender had calculated the it's fees based on an assumption that the buyer would be paying a certain amount toward settlement and attorney fees at closing.  The loan officer was unaware of Saddle Creek Title's scaled closing costs program, but because the home price was in excess of $250,000 the buyer did not have any settlement of attorney fees to pay.  It was thus realized at the closing table that the buyer had not used the entire amount of buyer paid closing costs agreed to in the contract and because of the savings resulting from Saddle Creek Title's scaled closing costs program, the buyer had enough funds left out of the agreed upon buyer paid closing costs to buy her rate down at the very last bminute.  Obviously, the savings in interest payments to this buyer over the 30 life of the loan will far exceed the the amount she would have paid in closing costs.  And this is just one example!