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Definitions
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Buyers' Resource Section:
Definitions of Closing Costs
Closing, Settlement, and Escrow are all terms used to describe the
act of closing a home sale. In particular the meeting between lenders,
buyers, sellers, agents, local government officials, and any personal
legal teams involved in the transfer of a title to a property. Closing
costs are imminent to any home deal. Here is a list of ordinary
closing costs.
- Loan Organization Fee: This fee is usually equal to 1% of
your mortgage.
- Discount Point(s): Each point is also 1% of your mortgage.
- Assumption Fee: Cost incurred to transferring current mortgage
to your name.
- Cost of Title Search: Mandatory to ensure you are buying
the property from the current owner.
- Lender's Title Insurance Fee:
- Survey Fee(if Applicable): The cost of surveying your property
if not done already.
- Transfer Tax: State and/or Local taxes, stamps etc. for property
transfer of ownership. This fee is sometimes split among the
buyers and sellers.
- Lender's Appraisal Fee:
- Recording Fees: Cost of turning closing documents into public
records.
- Prepaid Mortgage Interest: Interest due between your first
payment and closing.
- Prepaid Mortgage Insurance Premium: First payment
- Homeowners Hazard Insurance Premium: First Payment
- Property Tax Escrows
- Lawyer's or escrow company's fee
Your agent should give you a rough estimate on the
total amount due at closing. However, this is a good time to bring
a little extra with you just in case.
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