Closing Costs

Real Estate

Closing costs vary so stay informed and ask your realtor before signing your closing documents. Below are costs you might see:

  • Administration fee
  • Appraisal fee
  • Appraisal review fee
  • Closing/escrow/settlement fee
  • Courier fee l Credit Report
  • Document preparation
  • Flood certification fee: Verifies if property is in a federally designated flood zone.
  • Flood monitoring: Monitors flood zone remapping.
  • Home inspection
  • Home warranty
  • Homeowner’s association transfer fee
  • Homeowner’s insurance: Usually required to pay the entire first year’s insurance at closing.
  • Homeowners insurance impounds: Two months’ worth of premiums.
  • Lender’s Inspection fee: On new property, verifies construction is complete with carpeting and flooring installed.
  • Loan discount: “Points.”
  • Loan Origination Fee
  • Loan tie-in fee: Closing agent’s services dealing with the lender.
  • Mortgage broker fee
  • Mortgage insurance impounds
  • Mortgage insurance
  • Notary fees
  • Pest inspection
  • Pre-paid interest: Accumulated interest between closing day and first payment.
  • Property tax impounds
  • Recording fees
  • Sub-escrow fee: Title insurance company charges this.
  • Tax service fee: Monitors payment of property tax.
  • Title insurance: For clear title to the property.
  • Underwriting fee
  • Up front mortgage insurance premium
  • VA funding fee: Paid to the VA for guaranteeing your loan.
  • Wire transfer fee: Funds transfer from one account to another.

I hope this information was helpful

Lisa