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What to Really Expect for Closing Costs
Closing on a property is a very challenging time for a
would-be homeowner. Being informed, either through your mortgage
broker, your real estate agent, or through self knowledge is the
best thing you can be when going through this procedure.
A good real estate agent can help you tremendously. They
should know the local market well enough to help you save money
in whatever way they can. Since closing costs are handled
differently in different areas, having a professional with
experience in that area is your best bet. They can give you a
better idea of what costs are customarily paid by the buyer, and
which ones are paid by the seller.
The mortgage broker you deal with can make a big difference in
your closing costs too. Have them show you several programs
suited to your needs. There are lots of ways to structure closing
costs based on your points and down payment.
After finding a property, you will want to get qualified by
your mortgage broker. Your mortgage broker will send you a Good
Faith Estimate within 3 days as required by law. A GFE is a list
of your closing costs from your lender. There may be additional
closing costs that the lender does not control, so always be
prepared to pay for other items also. A good number to be
prepared to pay would be to double the GFE amount.
Closing costs on average are from 3% to 5% of your loan
amount, and the exact amount will be told to you the day before
the closing. All closing costs are to be paid at the settlement
of the mortgage loan.
There are two types of closing costs
* Non-recurring closing costs are the ones that you pay once
and never have to pay again.
* Recurring closing costs you pay repeatedly over the course
of your home ownership. These would be items like property taxes
or homeowner insurance. Property taxes placed in escrow are one
of the largest expenses at closing.
The following is an alphabetic listing of the items that may
be on your GFE. Some items listed here may not be on your
GFE.
Loan Origination Fee (1% of the amount borrowed)
Loan Discount fee
Loan Application fee
Points to be paid
Lender's attorney fees
Buyer's attorney fees
Appraisal fee
Credit Report
Lender's Inspection fee
Mortgage Broker commission or fee
Tax service fee
Processing fee
Underwriting fee
Wire transfer fee
Interest from the day of settlement to the date of the first
mortgage payment
Private Mortgage Insurance (PMI)
Hazard Insurance premiums
Property taxes from the day of settlement to the end of the tax
year
Settlement or closing/escrow fee
Notary fee
Title search & Title insurance to protect your lender
Title insurance to protect you
Recording fees
Tax stamps
Pest inspection
Your closing procedure will go smoothly when you are armed
with the right information and guided by the right professionals.
Good Luck & Happy Buying!
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 MORE RESOURCES updated Sat. July / 31 / 2010
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