Buyer's Closing Costs
| Application Fee | Amount charged for loan at time
of application. $295 and up. Usually covers appraisal and credit report costs. |
| Service Charge, Underwriting and/or Processing |
Amount charged for processing the loan. Usually 1% of the mortgage amount. |
| Title Expenses | a) Settlement/Closing Fee -
Usually $225 - $300 b) Insurance - approximately $195 and up c) Endorsements: $50 - Torrens $70 - Condominium $70 - Adjustable Rate Loan $35 - EPA; Date Down |
| Home Owners Insurance | Purchaser provides a Multi-Hazard Insurance Policy in the mortgage amount. |
| Interest | Lender will charge interest on the mortgage from the date of closing thru the last day of the month. |
| Taxes | Pro-rata share of real estate taxes will be charged from the date of possession to the date of the first payment on the mortgage. |
| PMI Insurance | Insurance is required on all mortgages with less than 20% down, protecting the lender in case of default. |
| Attorney's Fees | $300 and up |
| Recording Fees | $60 and up |
| Village Transfer Tax | In some Municipalities, buyers are charged $3/$1000 (or more) at closing. |
| Miscellaneous | May have document preparation
fee, flood certification, or a tax service fee depending upon the source
of the mortgage: Tax Service Fee: $63 - $85 Flood Certification: $25 - $35 Documentation Preparation: $125 Underwriting Fee: $220 |
| Reserves | 2 or more months of Principal, Interest, Taxes and Insurance. |
Figures shown here are estimates and my not be exact; they are presented as examples only. Each lender's charges vary and change from time to time.