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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 when the loan closes, not by the seller. You can negotiate with the seller to pay a portion of your closing cost. The percentage of the closing cost they are allowed to pay varies based on program and loan to value.
After applying for a loan, we will provide you with a loan estimate within 3 business days after application, along with a closing disclosure containing loan or transaction information received a minimum of 3 business days before closing.
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 Third-Party Closing Costs
Some fees are charged by us, but many will be charged by a third party.
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
This fee is charged so we can review your credit report. The fee will be charged by the credit bureau.
Closing Fee
The title company will charge a closing fee for the transaction.
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
If necessary, this fee will be charged to verify boundary lines.
Title Insurance
We will require a Lender's Policy, which protects them by ensuring the mortgage is a valid lien on the home.
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