Closing Costs & Fees

It's one of the most asked questions by first time homebuyers. Lenders are required by law to disclose in writing known as a Good Faith Estimate your estimated closing costs and fees. Here's a brief summary of possible closing costs you might have to pay depending on the loan program you select. Additional costs might apply depending on your state, your loan product and your down payment amount. For instance, title companies handle most closings, however there are some states that require an attorney to conduct the closing. In those states, borrowers are not required to pay a title company closing fee.

Appraisal -	$275 - $350
Credit Report -	$11.50 - $19.00
Processing Fee -	$500
Escrow Deposit for Taxes & Insurance -	Varies widely
Transfers Taxes -	Varies widely
Loan Discount Points -	Generally 0 - 2% of loan
Title Company Closing Fee -	$150 - $300
Buyer's Attorney Fee -	$150
Lender's Attorney Fee -	$150
Title Insurance (Lender's Policy) -	State Regulated
Homeowners Insurance -	Varies - $300 and up
Underwriting Fee -	$195 - $795
Survey Fee -	$350 - $500
Home Inspection -	$225 - $450
Down Payment -	Determined by borrower.
Flood Determination/Life of Loan Coverage -	$19.50
Recording Fees -	Varies widely depending on municipality.
Courier Fee -	$30
Prepaid Interest -	Varies depending on loan amount, interest rate and time of month you close.
Application Fee -	$0