CLOSING COSTS
Below are examples of fees that a buyer may be responsible for at closing:
1. Lender's origination or loan service fees - can be up to 3% of loan
2. Loan application fee
3. Lender's credit report
4. Lender's processing fees
5. Lender's document preparation fee
6. Lender's appraisal fee
7. Prepaid interest on loan - prepaid per day until the end of the month in which the closing occurs.
8. Lender's insurance escrow - can be up to 20% of the cost of a 1-year homeowner's insurance policy.
9. Lender's tax escrow - Depending on the time of year that you close, this can be up to 50% of the yearly property taxes.
10. Lender's tax escrow service fee - fees to set up the tax escrow
11. Premium mortgage insurance (PMI) -- applicable if the down payment does not exceed 20% of the sales price.
12. Flood certification fee - fee to determine if the home you pick is in a flood plain - this usually costs approximately $15.00-$25.00.
13. Title insurance cost for lender's policy - this usually costs approximately $40.00
14. Final title search and exam - this usually costs approximately $50.00
15. Special endorsements to the title - your lender may require environment lien endorsements or location endorsements to name a few. This can usually cost between $50-$175.00.
16. Home inspection fees - any that remain unpaid
17. Title/escrow company closing fees - this usually costs approximately $175.00 if lender is involved or $125.00 if it is a cash transaction.
18. Recording fees for the deed and mortgage, if applicable - this usually costs approximately $45.00-$50.00.
Below are examples of fees that a buyer may be responsible for at closing:
1. Lender's origination or loan service fees - can be up to 3% of loan
2. Loan application fee
3. Lender's credit report
4. Lender's processing fees
5. Lender's document preparation fee
6. Lender's appraisal fee
7. Prepaid interest on loan - prepaid per day until the end of the month in which the closing occurs.
8. Lender's insurance escrow - can be up to 20% of the cost of a 1-year homeowner's insurance policy.
9. Lender's tax escrow - Depending on the time of year that you close, this can be up to 50% of the yearly property taxes.
10. Lender's tax escrow service fee - fees to set up the tax escrow
11. Premium mortgage insurance (PMI) -- applicable if the down payment does not exceed 20% of the sales price.
12. Flood certification fee - fee to determine if the home you pick is in a flood plain - this usually costs approximately $15.00-$25.00.
13. Title insurance cost for lender's policy - this usually costs approximately $40.00
14. Final title search and exam - this usually costs approximately $50.00
15. Special endorsements to the title - your lender may require environment lien endorsements or location endorsements to name a few. This can usually cost between $50-$175.00.
16. Home inspection fees - any that remain unpaid
17. Title/escrow company closing fees - this usually costs approximately $175.00 if lender is involved or $125.00 if it is a cash transaction.
18. Recording fees for the deed and mortgage, if applicable - this usually costs approximately $45.00-$50.00.