Closing Costs

house closing

During the time of loan closing you will be expected to pay your down payment as well as other various closing costs & fees. It is important to be financially prepared to pay all closing cost, in order to do so you may request a Good Faith Estimate from your lender. This will give you an idea of how much you will owe but often differs from actual cost. Typically closing costs will be about 2-6% of your mortgage amount.  Although Good Faith Estimates are subject to change one thing you can do is request a HUD-1 Settlement Statement one day before actual settlement or closing, this details the actual fees that will be required. Make sure you review this statement and understand all the costs and fees listed.

Common closing costs & fees you may expect are

  • Loan Origination Fee
  • Application Fee
  • Credit Report Fee
  • Appraisal Fee
  • Survey Fee
  • Title Search Fee
  • Title Insurance
  • Discount Points
  • Recording or Transfer Fees
  • Interim Interest
  • Escrow Account Payments