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What do closing costs normally consist of?

  • August 11 2009 - Enfield
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Answers (6)

While it is true that inspection fees are typically paid by the buyers, directly to the inspector at the time of the inspection, it is important for buyers to be aware of these fees.

Many buyers do not have a whole lot of money lying around, so when discussing closing costs, they should be informed of all costs associated with closing.
  • August 11 2009
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  • August 11 2009
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Attorney fee, Title Search, Transfer taxes, Agent Commission, ect ..

Around here the inspections are usually paid by the buyer by check the day of the inspection.
  • August 11 2009
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Amy -

Total closing costs can be a bit more than outlined in the previous answer.

They can include, but are not limited to, the following:

Non-recurring closing costs:
Inspection fees (property inspection, pest inspection, septic and water inspections, etc.)
Appraisal cost
Mortgage fees
Credit check fee
Points paid to lower the mortgage rate
Agent commissions
Conveyance taxes
Title insurance

Recurring closing costs:
Pre-payment of mortgage interest from date of closing through end of month
Pre-payment of hazard insurance
Pre-payment of any escrow amounts, if the mortgage will have an escrow account.


Some of the above fees are typically paid by the seller, some are typically paid by the buyer, some may be negotiated.

Hope this helps.

Don
  • August 11 2009
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TMS

I found a new profile picture for you.
  • August 11 2009
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Amy,

Closing costs generally consist of an appraisal fee (usually paid upfront), an application fee or processing fee, and any points you are paying for the rates.  The lower the mortgage rate, the more points.  The higher the mortgage rate, the less points.  Depending on the size of the loan, a reputable lender will typically not charge much more than $2,000 to $3,000 in closing costs.

Best of luck!

Regards,
Total Mortgage Services
  • August 11 2009
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