Customary Buyer Closing Costs

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The following list contains some common closing costs. Your transaction might not require all of these costs or may include additional costs not listed. Each transaction is different and so are the associated closing costs.

• Appraisal: Fee paid to determine the estimated market value of the property.
• Credit Report: Charges to obtain a financial background report on the borrower.
• Discount Points: Points can be paid to buy the interest rate down to a lower percentage. 1 point equals 1% of the laon amount. Either the buyer or the seller may pay Discount Points.
• Down Payment: The difference between the total sales price and the new loan amount, due in cash at closing.
• Escrow Fees: Charged by the Escrow Company for services, these fees are usually split between buyer and seller.
• Homeowners/Hazard Insurance for first year: Insurance premium protecting the investment for you and your lender.
• Inspection Fees: Costs for having a professional inspector examine your new home prior to closing to alert you of any potential problems.
• Interim interest: Interest on new loan prorated from date of funding to first payment date.
• Lender's Extended Title Insurance Premium (ALTA): Purchased by the buyer to provide the lender with title insurance. The fee is based on the loan amount. When issued simultaneously with the owner's policy, most title insurers give a reduced rate.
• Origination Fee: A fee, based on the loan amount, paid by the borrower to the lender in order to originate the loan.
• Recording charges for all documents in buyer's name (Deed of Trust, Mortgage): Charged by the County Recorder's Office for recording any closed documents.
• Tax and Homeowner's Dues: Prorated from date of acquisition

Buyer Tips

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