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Typical Buyer Closing Costs

 

Closing costs typically include the following charges.  Your actual charges will vary.

 

1.  Credit reports. Usually around $60.  Paid at the time of formal loan application.  Non-refundable.
2.  Property Appraisal Fee. Usually around $350.  Paid at the time of formal loan application or at closing.  Non-refundable.
3.  Origination Fee. The lender's charge for loan processing and handling.  Customarily 1% of the loan amount, paid by the buyer.
4.  Discount Points. Vary with mortgage conditions and may range from 0 to 5 or more.  Each point is 1% of the loan amount.  Points represent the difference between the loan's rate of interest and the discount to this interest that the lender will have to offer to sell the loan to a buyer of loans or a loan investor.  Points may be paid by the buyer, seller or both.
5.  Mortgagees Title Insurance. Usually around $100.  The lender (who is the mortgagee) requires the borrower to purchase a title insurance policy to protect the mortgagee against title defects that would affect the loan.  (Note:  The seller purchases a title policy for this protection for the buyer.)
6.  Improvement and Location Survey. Usually around $150.  Shows the property boundaries and the location of the house and improvements.
7.  Document Preparation. "Doc Prep."  Usually around $100.  This is a charge for completing and handling the paper-work associated with the loan.
8.  Commitment Fee. Usually around $200.  A lender's fee.
9.  Recording Fees. Usually around $35.  Fees charged by the government for recording in the county records the documents associated with the purchase (i.e. the warrant and trust deeds).
10.  Pre-paids. These are collections in advance for loan interest, homeowners insurance and property taxes.  Daily interest from the date of closing until the end of the month.  One year homeowner's insurance premium for the coming year.  2-3 months in advance payment for the following year homeowner's insurance premium which is placed in the purchaser's escrow account.  2-4 months worth of property taxes are placed in the purchaser's escrow account over and above the seller's credit to purchasers.
11.  State Documentary Fees. "Tax Stamps."  $.01 per $100 of sales price.
12.  Real Estate Closing Fee. Usually $200.  (Normally split 50/50 between buyer and seller).

For more information, feel free to contact me without any obligation at homes@lori-v.com.
 
1.  Credit reports. Usually around $60.  Paid at the time of formal loan application.  Non-refundable.
2.  Property Appraisal Fee. Usually around $350.  Paid at the time of formal loan application or at closing.  Non-refundable.
3.  Origination Fee. The lender's charge for loan processing and handling.  Customarily 1% of the loan amount, paid by the buyer.
4.  Discount Points. Vary with mortgage conditions and may range from 0 to 5 or more.  Each point is 1% of the loan amount.  Points represent the difference between the loan's rate of interest and the discount to this interest that the lender will have to offer to sell the loan to a buyer of loans or a loan investor.  Points may be paid by the buyer, seller or both.
5.  Mortgagees Title Insurance. Usually around $100.  The lender (who is the mortgagee) requires the borrower to purchase a title insurance policy to protect the mortgagee against title defects that would affect the loan.  (Note:  The seller purchases a title policy for this protection for the buyer.)
6.  Improvement and Location Survey. Usually around $150.  Shows the property boundaries and the location of the house and improvements.
7.  Document Preparation. "Doc Prep."  Usually around $100.  This is a charge for completing and handling the paper-work associated with the loan.
8.  Commitment Fee. Usually around $200.  A lender's fee.
9.  Recording Fees. Usually around $35.  Fees charged by the government for recording in the county records the documents associated with the purchase (i.e. the warrant and trust deeds).
10.  Pre-paids. These are collections in advance for loan interest, homeowners insurance and property taxes.  Daily interest from the date of closing until the end of the month.  One year homeowner's insurance premium for the coming year.  2-3 months in advance payment for the following year homeowner's insurance premium which is placed in the purchaser's escrow account.  2-4 months worth of property taxes are placed in the purchaser's escrow account over and above the seller's credit to purchasers.
11.  State Documentary Fees. "Tax Stamps."  $.01 per $100 of sales price.
12.  Real Estate Closing Fee. Usually $200.  (Normally split 50/50 between buyer and seller).

 

 

 
 
 

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