Common Closing Costs

September 15, 2008
RealtySoldSolution.com

• Down payment
• Appraisal fees
• Credit Report Fee
• Document Preparation Fees
• Application Fee
• Loan Discount Fees: “Points” you pay to receive lower interest rate
• Deed Recording Fees
• Underwriting Fee
• Flood Insurance (if necessary)
• Homeowner’s Insurance required by the Lender
• Notary Fees:
• Origination Fees
• Private Mortgage Insurance (PMI): Insurance is required of homebuyers that are unable to come up with a down
  payment of adequate size
• Property & School Taxes: depending on when the purchase actually closes, the buyer may owe the previous owners
  for taxes that they've already paid in that calendar year (prorated basis)
• Tax Escrow: ensure property taxes are paid each year (hold 1 year’s of taxes & insurance in escrow)
• Bank’s Title Insurance verifies that the seller officially owns the home, purchased for BANK
• Legal Fees
• Home Inspections: Structural, Pest, Radon, Water, Septic