|
|
|
|
Things to Consider when buying a Home |
Estimating your Closing Costs |
|
|
Attorney Fees:
|
$400 - $800 | |
 |
|
|
|
Bank or Mortgage Company Fees: |
Bank costs may vary widely from one lending institution to another. While some charge no set application fee, other fees may be incurred as part of the total mortgage proceedings. Some lenders offer no closing cost programs. We encourage buyers to inquire about closing costs from several different lenders. The following estimates are intended only as a rough guideline. |
|
|
|
|
|
|
Application, Preparation, Credit and Appraisal Fees:
|
$290 - $350 |
|
|
|
|
|
|
Bank Attorney:
|
$300 - $400 |
|
|
|
|
|
|
Title Exam:
|
$250 - $300 |
|
|
|
|
|
|
Recording Deed and Mortgage:
|
$ 40 - $ 60 |
|
|
|
|
|
Plot Plan:
|
$125 - $150 |
|
|
|
|
|
Certificate of Municipal Liens:
|
$ 25 - $ 50 |
|
|
|
|
|
Title Insurance: (Insures bank) |
up to $2.50 per $1,000 of mortgage |
|
|
|
|
|
Points: (If applicable)
|
each point equals 1% of mortgage |
|
|
|
|
|
Private Mortgage Insurance: (required when down payment is less than 20%.)
|
Lenders require 2 months premium to be escrowed. |
|
|
|
|
|
Homeowners Insurance:
|
Bank may require 1st year's premium Or 2-3 months premium to be escrowed. |
|
|
|
|
|
Real Estate Taxes:
|
Bank may require escrowing an amount equal to 6 month's taxes at April 1st or October 1st. |
|
|
|
|
|
Prepaid Interest on Mortgage: |
Due at closing. Interest rate multiplied by mortgage amount, divided by 365 days, multiplied by number of days from closing to the end of the month. |
|
|
|
|
|
|
Buyer's Broker Fee: |
as specified in contract. |
|
|
||