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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
What are my closing costs for my mortgage?
Here’s a list of the possible closing costs; Closing Costs are broken down into sections on the Good Faith Estimate. The Good Faith Estimate is a form that describes all the closing costs associated with closing your loan. It’s a good idea to compare and inquire to multiple mortgage companies to find the best deal. Closing Costs can vary widely depending upon the lender you choose. Knowing what closing costs to compare can make the difference of $1,000’s of dollars over the life of the loan. The closing costs are broken down as follows:
Items payable in connection with the loan: Closing Costs
Origination Fee
Discount Fee
Appraisal Fee
Credit Report
Lender’s inspection Fee
Mortgage Insurance Application Fee
Assumption Fee
Mortgage Broker Fee
Tax Related Service Fee
Application Fee
Commitment Fee
Lender’s Rate Lock-In Fee
Processing Fee
Underwriting Fee
Wire Transfer Fee
Items required by lender to be paid in advance: Closing Costs
Interest for X days
Mortgage insurance Premium
Hazard insurance Premium
County Property Taxes
Flood Insurance
Reserves Deposited with Lender: Closing Costs
Hazard Insurance
Mortgage Insurance
Tax & Assessment
Flood Insurance
Title Charges: Closing Costs
Closing or Escrow Fee
Abstract or Title Search
Title Examination
Document Preparation Fee
Notary Fee
Attorney’s Fee
Title Insurance
Government Recording and Transfer Charges: Closing Costs
Recording Fee
City/County Tax/ Stamps
State Tax/ Stamps
Intangible Tax
Additional Settlement Charges: Closing Costs
Survey
Pest Inspection
Here’s a great article provided by www.bankrate.com on Closing Costs. The information is very accurate and can help you compare your lender to Bankrate.com’s average closing costs broken down by state.
Bankrate.com researchers gathered closing-cost information from 50 states and the District of Columbia. Below, ranked from most-expensive to least-expensive, are the average total closing costs charged for a mortgage, in each state. (Editor's note: Closing cost total does not include taxes, other governmental fees or escrow fees.) http://www.bankrate.com/brm/news/mortgages/ccrank.asp
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The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
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