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