What makes up the 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 lenders administrative costs). Recording fees. Survey fee. First premium of Mortgage Insurance (if applicable). Title Insurance (yours and the lenders). Loan discount points.
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 lenders administrative costs). Recording fees. Survey fee. First premium of mortgage Insurance (if applicable). Title Insurance (yours and lenders’s). Loan discount points.
