Other Miscellaneous Fees That May Apply
Buyer's Closing Costs
Seller's Closing Costs
Courier/Overnight Fed-Ex
Buyer's Closing Costs:
$
Wire Fee
Buyer's Closing Costs:
$
Abstract or Title Search
Seller's Closing Costs:
$
Lien Searc
Seller's Closing Costs:
$
Storage Archival
Buyer's Closing Costs:
$
Survey (survey fees vary greatly)
Buyer's Closing Costs:
$
Flood determination
Buyer's Closing Costs:
$
When buying or selling a home there are fees or “closing costs” that are associated with the mortgage transaction. There are many variations to these fees by location (primarily state and county), the lender, the type of loan, and your specific transaction.
Still, there are some basics that tend to be standard:
- Down Payment. This is what it sounds like – the money you will put toward the purchase of the home apart from any mortgage. The size of the down payment can influence the amount of risk the mortgage lender is willing to take. For instance, you might get better loan terms by committing to a larger down payment amount.
- Title search fees, which pay for a background check on the title to make sure there are not any unpaid mortgages or tax liens on the property.
- Title insurance, which help protects the lender and/or borrower depending on the coverage purchased in case the title is not “clean.” That is, if some lien or other encumbrance on the property is in fact discovered later.
- Attorney’s fees for closing the loan transaction. This is what it sounds like: The attorney who helps finalize the transaction will charge a fee that will vary.
- Appraisal Fees. An appraisal of the property to be purchased is requested to help determine if it is valued below, at or above the selling price.
- Lender fees include underwriting fees which cover the cost of evaluating your mortgage application.
- Recording fees to the county, so the transaction can be entered into records.
- Stamp tax based on state and county requirements. Again, this is one of the fees associated with ensuring the transaction is recorded with various governments.
- Credit report fee. Simply, what it costs for the lender to pull your credit report to help determine your credit scores.
- Origination fee: This is based on particular companies that you pick to process your mortgage. Not all companies add an origination fee.
You also should know about some costs that are involved in the loan transaction that are not considered closing costs, as they are paid prior to closing and are subjective. These fees again are generally based on state and county requirements:
- Pest inspection fees.
- Survey fee, this includes the verification of property lines, and may reveal other things about the property, like whether or not it is in a flood plain.
- Inspection fees of the property. Buyers often want to have a certified property inspector go over the home to be purchased to assess whether or not items are up to code, judge the safety and remaining life of systems, and more. Based on the inspection, some buyers may then ask for seller contributions toward repairs or a home warranty.
- Escrow deposits for home owner’s insurance and property taxes. These are funds set aside to pay crucial costs. Obviously, taxes must be paid and your lender will require that your property be insured.
- Home Owner’s association fees. Your new home – no matter the type/style – may be part of an association. If so, you should know those fees and particulars like when they are due and what they cover.