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2925 Highway 51
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Real Estate Tip Of The Week
For the Week of September 16, 2018...

Can You Name Buyer’s Typical Closing Costs?

Tip the Scale Depending on where you live, the price of your home, your lender’s terms, the distribution of fees charged to buyer and/or seller, and other factors, your closing costs on the purchase of a home may range anywhere between 3% and 7% of the home price, sometimes more or less.

Typical buyers’ closing charges include:
  • Loan origination fee, usually 1% of your mortgage amount
  • Discount point (or points), each usually 1% of your mortgage amount
  • Assumption fee (if you assume the seller’s old mortgage)
  • Title search fee
  • Lender’s title insurance fee
  • Owner’s title insurance fee (optional, but advisable)
  • Survey fee (if applicable)
  • Two fees that may have been paid when you applied for your loan:
    • Appraisal fee
    • Credit report fee
  • Lender’s inspection fee
  • Recording fees
  • Prepaid interest on your mortgage, covering the time between settlement and the first regular monthly payment
  • Prepaid mortgage insurance premium
  • Property tax, possible reimbursement to seller and/or payment on future taxes
  • Assessment, possible 1-to-3-month local improvement charge or association fee (especially applicable to condominium buyers)
  • Lawyer’s fees (if applicable)
Your lender must, by law, supply you with a pre-settlement "Good Faith Estimate." It will not necessarily identify all actual costs. At settlement, however, you receive a "Settlement Statement" that contains all the specific actual charges.

Since occasional unexpected costs may surface at settlement, it is well to be prepared for possible $200 or $300 in extras at your closing. Extra costs usually involve partial payments for items you had not previously considered but, at closing, wish to pay for: fuel oil left in the seller’s tank, firewood, continuation of lawn service, or the purchase of a major appliance.

Since actual costs vary, call or e-mail us for typical figures in your area. Your calls and e-mails are always welcome.
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