What Makes Up Closing Costs?
• There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following: • Attorney’s or escrow fees (yours and your lender’s if applicable) • Property taxes (to cover tax period to date) • Interest (paid from date of closing to 30 days before first monthly payment) • Loan Origination fee (covers lender’s administrative cost) • Recording fees • Survey fee • First premium of mortgage insurance (if applicable) • Title Insurance (yours and lender’s) • Loan discount points • First payment to escrow account for future real estate taxes and insurance • Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable) • Any documentation preparation fees
Closing cost are usually made up of the following: * Attorney’s or escrow fees (Yours and your lender’s if applicable) * Property taxes (to cover tax period to date) * Interest (paid from date of closing to 30 days before first monthly payment) * Loan Origination fee (covers lenders administrative cost) * Recording fees * Survey fee * First premium of mortgage Insurance (if applicable) * Title Insurance (yours and lender’s) * Loan discount points * First payment to escrow account for future real estate taxes and insurance * Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable) * Any documentation preparation fees
Closing costs can be divided into three main categories: • Lender fees: Fees can include origination, discount points, application, credit report, appraisal, processing and underwriting fees. • Third-party fees: These fees vary by state and the company you select to close your loan. They can include fees for closing, title exam, title insurance and recording. • Pre-paid items: These are items collected at the time of closing but are not really considered costs (for example, interest, taxes, and hazard insurance).
There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following: • Attorney’s or escrow fees (yours and your lender’s if applicable) • Property taxes (to cover tax period to date) • Interest (paid from date of closing to 30 days before first monthly payment) • Loan Origination fee (covers lender’s administrative cost) • Recording fees • Survey fee • First premium of mortgage insurance (if applicable) • Title Insurance (yours and lender’s) • Loan discount points • First payment to escrow account for future real estate taxes and insurance • Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable) • Any documentation preparation fees
Closing costs can be divided into three main categories: · Lender fees. Fees can include origination, discount points, application, credit report, appraisal, processing and underwriting fees. · Third-party fees. These fees vary by state and the company you select to close your loan. They can include fees for closing, title exam, title insurance and recording. · Pre-paid items. These are items collected at the time of closing but are not really considered costs (for example, interest, taxes, and hazard insurance).
