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WHAT MAKES UP THE CLOSING COSTS?

Closing fees can vary quite a bit, depending on the type of property you buy and where you buy it, but frequently include things like:

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• A fee for checking your credit report

• A loan origination fee, which covers the cost of processing the paperwork for the loan

• An appraisal fee

• Charges for any inspections that might have been required by either the buyer or the lender

• Discount points - fees that are paid in return for a lower rate of interest

• Title insurance

• Title search fees, to ensure that there are no unpaid mortgages or tax liens on the property

• Recording fees, paid to the county or city

• Escrow deposits

• Underwriting fees

• Pest inspection fees

 

This is just an overview of some of the more common things that can make up the closing costs - it's not meant to be all-inclusive, since closing fees can vary considerably.