Closing Costs

Lender requests local, approved appraiser to give opinion of property value. Usually paid at time of loan application.
$400 - $600
Credit Reports
Lender orders your credit history from credit reporting agency. Usually paid at time of loan application.
$55 - $75
Loan Origination Fee
Lender's fee for processing loan. Paid at closing.
usually 1% of loan amount
Discount Point
s (Optional) One-time charge used to discount the interest rate on a loan. Paid at closing.
1% of loanamount = 1 point
Attorney Fee
Fee charged by closing attorney for handling the closing, title search, arranging for title insurance, arranging for survey, etc.
$675 (cash sale) to $975
Title Insurance
A one-time premium paid at closing to protect buyer against title defects not found in public records. Required by lender. Covered amount usually equals sales price.
$2.45 per $1000 of coverage
Identifies lot lines and exact location of house and any other improvements. Required by lender. Closing attorney schedules. Paid at closing.
$500 - $750
Fees charged at County Register of Deeds Office to record deed, deed of trust and other important documents. Paid at closing.
$50 - $100
Property Taxes
County/City taxes on real estate are pro-rated between buyer and seller. Seller is responsible for his/her personal property taxes for the year. Paid at closing.
Tax Value x Tax Rate = Property Taxes
Interim Interest
Interest collected on the loan from date of closing to the end of month. Paid at closing.
Will not exceed total monthly payment.
Hazard Insurance
Homeowners Insurance Policy to cover at least the mortgage amount. First year's premium paid on or before of coverage and closing.
Varies depending on amount of property
Escrow Deposits
Funds placed in escrow accounts by lender to pay future. Paid at closing. Amounts determined by lender.
Minimum 2 taxes/insurance in the months hazard and mortgage insurance. Taxes are determined by time of year.
Mortgage Insurance
Required on certain loans - usually high loan to value situations. Can be paid in full at closing or amortized with loan.
Varies depending on loan type and amount.
Home Inspection
Fee charged by inspector to do home inspection. Paid for at time of inspection.
$400 - $900 (depends on size and age of house)
Well/Septic Inspection
Fees charged by county health department or private companies to inspect wells or septic tanks. Paid at time of inspection.
$145 (well/water only) - $500
Termite Inspection
Fees charged by local pest inspectors. Paid at closing
$85 - $95
Radon Testing
Paid at time of inspection.