buyer's closing costs

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.  In addition to talking with your Mortgage Loan Officer, you might want to crunch the numbers with a Closing Costs Calculator in order to get a better idea of all the costs involved.

The information noted below does not include lender fees or escrows for taxes and insurance. You need to discuss these particular charges with your lender of choice.

When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include:

• Intangible tax on mortgage at .20 per $100 of mortgage amount ($100,000 = $200)
• Loan fees (points, application fee, credit report)
• Prepaid interest
• Inspection fees
• Appraisal
• Mortgage insurance
• First year homeowner's insurance and flood insurance, if applicable
• Title insurance (lender's policy)
• Documentary stamps on mortgage at .35 per $100 of mortgage amount ($100,000 = $350)
• Recording fees for deed and mortgage
• Endorsement charges required by lender
• Homeowner's Association dues and transfer fee, if applicable
• Condominium dues, if applicable
• Survey; survey affidavit (if no survey is required)
• Termite inspection, if applicable

SUCCESS STORY:  "Beverly, I just wanted to thank you, again, for everything you have done to help me get my home! I'm so appreciative, words simply aren't enough. You went above and beyond and treated me more like family, rather than a client. You are amazing and the world needs more people like you!"

 
Christa Peoples (Riverview, FL)