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Common Closing Costs






For Buyers





You’ll likely be responsible for a variety of fees and expenses that you and the Seller will have to pay at the time of closing.  Your lender must provide a good-faith estimate of all settlement costs.  The title company or other entity conducting the closing will tell you the required amount for:



1.   Down payment


2.   Loan Origination – typically 1% of the purchase price


3.   Points, or loan discount fees, which you pay to receive a lower interest rate


4.   Home inspection


5.   Appraisal


6.   Credit report


7.   Private mortgage insurance premium


8.   Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage


9.   Property tax escrow, if being paid as part of the mortgage.  Lenders keep funds for this


10.  Taxes and insurance in escrow accounts as they are paid with the mortgage


11.   Lenders pay the insurance of taxes for you in in an escrow account.


12.   Deed recording


13.   Title insurance policy premiums


14.   Land survey


15.   Notary fees


16.   Prorations for your share of costs, such as utility bills, HOA dues, and property taxes