Buyer Closing Costs

When purchasing a home, there will most likely be a variety of closing costs that you will have to pay.  Some of them may be paid prior to closing; but most of them will be paid at closing. Your lender should provide an estimate of all settlement costs to give you a general idea of what to expect.  Below is a list of some potential costs.  These will vary based on your contract terms as well as the type of loan you get.  Please note, cash buyers will not have any of the lender costs.

  • Down payment
  • Home inspections (usually paid at the time of inspection)
  • Appraisal (usually paid at loan application)
  • Credit report (usually paid at loan application)
  • Loan origination
  • Points/loan discount fees
  • Other loan fees (application fee, document preparation, etc)
  • Upfront mortgage insurance premium (for FHA loans only, some lenders may allow this to be financed in with the mortgage)
  • Funding fee (for VA loans only, some lenders may allow this to be financed in with the mortgage)
  • Daily interest
  • Insurance escrow reserve (if escrowed)
  • Property tax escrow reserve (if escrowed)
  • Lender required endorsements
  • Settlement fee
  • Owner’s title insurance policy (typically paid by seller unless purchasing a foreclosure)
  • Lender’s title Insurance policy
  • Land survey
  • Prorated HOA fees
  • Prorated non-ad valorem taxes (fire, garbage, etc)
  • Prorated ad valorem taxes (typically only at the end of the year after the tax bills have already been paid)
  • Document stamps on the deed (typically paid by the seller unless purchasing a foreclosure)
  • Document stamps on the mortgage
  • Deed recording
  • Mortgage recording
  • HOA transfer/application fees
  • Municipal lien search

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