Sunday, 28 August 2016

What Makes Up Closing Costs?

What Makes Up Closing Costs? was originally seen on Moreira Team Mortgages

What you’ll see in this mortgage video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:

  • Real Estate Attorney's or escrow fees (Yours and those of your mortgage lender if applicable)
  • Property taxes (to cover tax period to date)
  • Interest (paid from date of closing to 30 days before first monthly payment)
  • Loan Origination fee (covers lenders administrative cost)
  • Recording fees, Survey fee, first premium of Mortgage Insurance (if applicable)
  • Title Insurance (yours and lender's)
  • Mortgage Loan discount points
  • First payment to escrow account for future real estate taxes and insurance
  • Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)

And any home mortgage documentation preparation fees.

 

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