video: What Makes Up Closing Costs?

 

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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