Kenneth Nilson

Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.
 

 

BUYER COST

SELLER COST

OTHER

Down payment

 

 

 

Loan origination

 

 

 

Points paid to receive a lower interest rate

 

 

 

Home inspection

 

 

 

Appraisal

 

 

 

Credit report

 

 

 

Mortgage insurance premium

 

 

 

Escrow for homeowner’s insurance
(if paid as part of the mortgage*)

 

 

 

Property tax escrow

(if paid as part of the mortgage*)

 

 

 

Deed recording

 

 

 

Title insurance policy premiums

 

 

 

Land survey

 

 

 

Notary fees

 

 

 

Home Warranty

 

 

 

Proration** for your share of costs

(such as utility bills and property taxes)

 

 

 

*Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.

** Because such costs are usually paid on either a monthly or a yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way to even out bills sellers may have paid in advance, or that you may later pay for services they used.