Closing Costs

Closing Costs


 

Closing costs are a part of getting a home loan. These fees will be charged by both us and third parties, and most closing costs will be paid by the buyer, not the seller, when the loan closes.  You can negotiate with the seller to pay a portion of your closing cost.  The % of closing cost they are allowed to pay varies based on program and loan to value. 

After applying for a loan, we will provide a Good Faith Estimate, or GFE, which estimates the closing costs for your loan. Many items on this list can legally change by up to 10 percent, so compare your GFE to the HUD-1 settlement statement before closing to compare. If the closing costs are too high, you can walk away from the deal. You can also try to negotiate many of these costs with us.

Third Party Closing Costs

Common Closing Costs

Closing costs will depend on the home, loan type, and area, but common fees include:


 
  • Loan origination fee
  • Credit report fee
  • Home inspection fee
  • Appraisal fee
  • Survey fee
  • Pest inspection fee
  • Underwriting fee to evaluate your application
  • Recording fee to the city or county
  • Escrow deposit to pay some property taxes and mortgage insurance
  • Title insurance for the lender's protection
  • Discount points
Common Closing Costs

Common Third-Party Closing Costs

Some fees are charged by us, but many will be charged by a third party.
We cannot control these fees, so you cannot negotiate the amount.


 
Home Appraisal Fee

Home Appraisal Fee

This appraisal determines the market value of your home, and we will require the appraisal before approving your loan amount.

Credit Report Fee

Credit Report Fee

This fee is charged so we can review your credit report. The fee will be charged by the credit bureau.

 
Closing Fee

Closing Fee

The title company will charge a closing fee for the transaction.

Title Search Fee

Title Search Fee

This fee will be charged by the title company to search property records, including prior deeds, court records and property indexes to make sure the title is clear.

 
Survey Fee

Survey Fee

If necessary, this fee will be charged to verify boundary lines.

Title Insurance

Title Insurance

We will require a Lender's Policy, which protects them by ensuring the mortgage is a valid lien on the home.

Contact Us Today

3 Ways to Contact Us

2 Ways to Contact Us