Closing Costs & Fees
This is one of the most asked questions by first time homebuyers. Lenders are required by law to disclose in writing your estimated closing costs and fees which is known as a Good Faith Estimate. Here is a brief summary of possible closing costs you might have to pay depending on the loan program you select.
Additional costs might apply depending on your state, your loan product and your down payment amount. For instance, title companies handle most closings; however there are some states that require an attorney to conduct the closing. In those states, borrowers are not required to pay a title company closing fee.
| Appraisal |
$325 - $450 |
| Credit Report |
$13 - $19 |
| Processing Fee |
$495 |
| Escrow Deposit for Taxes & Insurance |
Varies widely |
| Transfers Taxes |
Varies widely |
| Loan Discount Points |
As needed to buy-down rate |
| Title Company Closing Fee |
$150 - $350 |
| Buyer's Attorney Fee |
$150 |
| Lender's Attorney Fee |
$150 |
| Title Insurance (Lender's Policy) |
State Regulated |
| Homeowners Insurance |
Varies - $300 and up |
| Underwriting Fee |
$195 - $795 |
| Survey Fee |
$350 - $500 |
| Home Inspection |
$225 - $450 |
| Down Payment |
Determined by borrower |
| Flood Determination |
$12 - $20 |
| Recording Fees |
Varies widely depending on municipality |
| Courier Fee |
$30 |
| Prepaid Interest |
Varies depending on loan amount, interest rate and time of month you close |
| Application Fee |
$60 - $75 |