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The Importance Of Pre-ApprovalLoan Application ChecklistUnderstanding Closing Costs

Understanding Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and seller, as spelled out in the purchase contract.

Good Faith Estimate

Buyers will receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer’s past experience and may not include all the closing costs.

Standard Closing Costs

Loan Related Costs:
  • Loan origination fee (Lender specified and usually 1% of loan amount)
  • Points (if applicable)
  • Appraisal fee (Appraiser specified as to cost)
  • Credit report  (Lender specified as to cost)
  • Interest payment (Lender and Closing agent specified)
  • Escrow fee (Lender and Closing agent specified)  

     Tax Related Costs:

 

  • Prorated property taxes (Closing agent function at date of closing)
  • Transfer taxes (Closing agent function at date of closing, dependant on county location)
  • Recording fees (Closing agent function) 

 

     Insurance Related Costs:

 

  • Homeowners insurance (paid up policy for first year delivered to Closing agent at closing)
  • Flood or earthquake insurance (as required by Lender and Insurance agent)
  • Private mortgage insurance (“PMI”)  ( as required by Lender and Mortgage program)
  • Title insurance (as required by Title Company at closing)

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