There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following:

  • Attorney’s or escrow fees
  • Property taxes – to cover tax period to date
  • Interest – paid from date of closing to 30 days before first monthly payment
  • Loan Origination fee
  • Recording fees
  • Survey fee
  • First premium of mortgage Insurance (if applicable)
  • Title Insurance
  • 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 documentation preparation fees

Posted in: Money Matters