Closing Costs

Closing Costs are fees and other monies that are due at the time of a real estate closing.  Prior to a closing, your lender or mortgage company will develop a "good faith estimate" of all closing costs.  The good faith estimate will contain categories of costs including:

• Lender Fees - Origination fees, mortgage points, document preparation fees, overnight mailing services, and administrative costs.
• Third Party Fees - Title search fees, title insurance, flood certification, surveying costs.
• Attorney Fees - Document preparation, participation in meetings, standard fees to prepare documentation for a closing.
• Government Fees - Recording of deeds, state and local mortgage taxes.
• Escrow Account and Interest - Homeowner's insurance, real estate taxes held in escrow, private mortgage insurance, mortgage interest due up to the last day of the month.
• Mortgage Points - Prepayment of interest on a loan, where one point is equal to one percent of the mortgage or loan.