What are the typical closing costs?
Closing costs are the expenses that the lender accumulates from the origination of your new mortgage loan . Some of these closing costs may be related to your mortgage loan application, while other fees are related to the house itself. Typical closing costs include mortgage loan application fees, credit report, title search and insurance fees, property appraisal, lender’s attorney fees, inspections, survey, recording fees, transfer taxes, buyer’s attorney, document stamps, points and origination fees, and more. Escrow accounts are often required for many mortgage loans for homeowners insurance, real estate taxes, and homeowners associations and require cash deposits at closing. These expenses are charged to the buyer and often cost between 2 and 6 percent of the amount being borrowed. Because different states require different taxes and fees to be included, it is impossible to come up with a generalization that applies to mortgage loans nationwide. After your initial meeting with a mor
