As you will see in this Fast Forward Stories video, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:
- Attorneys or escrow fees (Yours and your lenders 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 lenders)
- Loan discount points
- First payment to escrow account for future real estate taxes and insurance
- Paid receipt for homeowners insurance policy (and fire and flood insurance if applicable)
And any documentation preparation fees.
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