About Closing Costs

Common Closing Costs for Buyers

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.

Your lender must disclose a good faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount to bring to the closing.

Typical Buyer Closing Costs

• Down payment

• 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.  Note: when financing more than 80% (LTV), escrowed property taxes and insurance are required, which will increase your monthly mortgage payment.

• 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

Please contact me when It's time to begin your home search.  You can count on me as your personal and online local resource for Stuart area real estate and for information about relocating to South Florida's Treasure Coast. MORE >>