Costs To Expect At Closing

Closing and loan consummation costs are not 100% identical in different states, but you can expect most of the following:

  • Fees for Loan Origination — processing and administration of the loan
  • Fees For Recording — official records of ownership.
  • Fees for Survey(s)
  • The first Mortgage Insurance premium, if your loan requires it.
  • To-date Property Taxes
  • Title Insurance fees — yours and the lender’s.  (See Title Insurance Made Simple on this site.)
  • Points (prepaid interest)
  • Escrow fees and/or attorney fees
  • Document preparation fees
  • First payment to the escrow account for future taxes & insurance

If you have not already paid homeowner’s insurance, that will come up.  Likewise, if flood insurance or fire insurance are required, you’ll need a receipt or payment arrangements.

Read things carefully before signing or paying, and keep copies.

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