Common Closing Costs for Buyers

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:

  • Downpayment
  • Loan origination fees
  • Points, or loan discount fees you pay to receive a lower interest rate
  • Appraisal fee
  • Credit report
  • Private mortgage insurance premium
  • Insurance escrow for homeowners insurance, if being paid as part of the mortgage
  • Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
  • Deed recording fees
  • Title insurance policy premiums
  • Survey
  • Inspection fees—building inspection, termites, etc.
  • Notary fees
  • Prorations for your share of costs such as utility bills and property taxes.

A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright / All rights reserved.

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If you are a buyer, please submit your "wish list" of must-haves. We will calendar an intake call.

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If you are a Housing Choice or subsidized housing participant, please enter your expected move in date, your Housing Authority, your voucher size, the voucher expiration date, TTP or S8/Rent Burden figures. I will then send you a list of available rental properties, photos and qualifications. Upon receipt of your selections, I will coordinate showing dates/times.

PLEASE NOTE: Due to the overwhelming demand for rentals, we can not hold a home without a refundable good faith deposit. I am a Realtor® not a scam artist. I will not lose my license over your refundable good faith deposit. Once you are approved, I bring the deposit to your move-in and perform a walk-through with the owner/agent. If you are denied, we can apply your deposit to your next choice OR holding Broker will refund it. If you do not want to secure your deal, I can not help you. No one is holding homes in this HOT marketplace with just your voucher. Trust me. Not happening. I am getting several offers overnight on listings.

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