Closing Costs

Last modified June 7, 2023

Closing costs are all costs incurred by either the buyer or the seller of a home in conjunction with the closing of the purchase and sale of real property. They include items that are payable in connection with the buyer's loan, such as fees for loan origination, loan discount, appraisals, credit reports, lender's inspection, mortgage insurance, tax service, document preparation, and underwriting. They also include title and closing charges, such as fees to the settlement agent, title search fees and title insurance premiums for Owners and Mortgages title insurance policies. These costs include documentary stamps and intangible taxes imposed by state law on deeds, notes and mortgages, as well as the costs imposed by state law to record all the documents in the public records. In addition to the above, closing costs may also include survey costs, pest inspections and other expenses or items incurred by the seller, buyer or lender in conjunction with the transaction, below are examples of all Closing Costs.

Fees Included in APR Finance Charges: 203K Permits 203K Consultant Fee 203K Inspection Fee (Lender Makes These Inspections) 203K Supplemental Document Fee 203K Supplemental Origination Fee Administrative Fee Amortization Schedule Application Fee (if only sometimes charged) Appraisal Review (Review by Lender) Assignment Fee Assumption Fee Attorney Fee for Document Preparation or Closing (3rd Party) Bank Fee/Points Broker’s Fee Buydown/Subsidy Fee (Borrower’s Portion) Closing Coordination Fee Closing Fee Commitment Fee Compliance Audit Consultant Fee Conversion Fee Copy Fee Customer Identification Program (CIP) U.S Patriot Search Condo Certification (Lender Required) Courier Fee (All, Including Payoff from Title Co.) Credit Life Insurance (if required by Lender) Discount Fee Document Preparation (lender fee) Document Preparation Fee (3rd Party Fee) (Some investors consider this to be a prepaid finance charge. We will include it unless you request otherwise) Document Review Download Fee Electronic Delivery Engineers Report (if required by Lender) eRecording (if paid to creditor or third party) Escrow Fees to Title Company Escrow Fees to Lender (203K) Escrow Waiver Fee to Lender Express Mail (All, Including Payoff from Title Co.) Final Inspection Fee (unless payable to appraiser) Final Inspection Fee – Post Closing Flood Life of Loan Monitoring Fulfillment Fee Funding Fee Good Funds (To Lender) HOA Certification(Lender Required) Home Inspection (if required by Lender) Homeownership Counseling Fee Home Warranty (if required by Lender) HUD Review Fee Inspection/Photo Fee (Not to Appraiser) Inspection and Handling Fees for the staged disbursement of construction loan proceeds Insuring Fee Interest to End of Month (FHA, VA & Conv.) Lender’s Inspection Fee Loan Delivery Fee Loan Docs. (fees for preparing deeds, mortgages and similar documents if to 3rd party lawyer) Loan Level Pricing Adjustment(LLPA) Lock-In Lock Extension Fee Long Distance (To Lender) MCC Fee MERS File Registration Fee Mobile Signing Fee Modification Fee MIP Mortgage Insurance Origination Fee Per Diem Interest Plan Review Fee PMI (Initial Premium) PMI (Reserves) Post Closing Fee Pre-Plan Inspection Fee Processing Fee Rate Lock or Extension Fee Rebate Fee Refinance Fee Release Fee Review Fee/Attorney Review Fee Supplemental Discount Supplemental Origination Tax Research Fee (if tax service fee) Tax Service Fee (for life of loan) Title – Closing Protection Letter Fee Title – Commitment Fee Title Service Fee Transaction Fee Transfer Fee Underwriting Fee USDA Guarantee Fee (Up-Front and Monthly) VA Funding Fee VA No-Bid Fee Warehouse Fee Warranty Deed Wire Fee Fees NOT Included in APR Finance Charges: Abstractor’s Certificate Application Fee – (if charged to all persons seeking credit, whether or not credit is actually extended.) Appraisal Fee Appraisal Retype Appraisal Review (3rd party appraiser) Attorney Retained by Borrower Fee for File Review Credit Report Fee Credit Alert (CAVIR) Document Stamps Engineer’s Report (if not required by Lender) Escrow Repairs (Rehab. amounts) Flood Certification (if part of survey fee) Flood Determination/Inspection (initial determination) Flood Insurance Gap Check Fee (title) HOA Cert (Requested by title company) HOA Dues HOA Transfer Fee Home Inspection Insurance Reimbursement Intangible Tax Interest Collected for Old Loan Pay-Off In Refinance MIP Refund Modification Filing Fee Notary Fees Points – Paid by Seller Recertification Fee (To Appraiser) Recording Fee/Filing Fee Redraw Fee for doc prep lawyer Restriction Fees (To Title Company) Revenue Stamps Survey Fee State Tax Stamps Statement of Ownership and Location (SOL) Application Tax Certificate Tax Deletion (To Title Company) Tax Research Fee (4506-T) Tax Service Fee – Initial examination Tax Transfer Fee Tax Transcript Fee (4506-T) Termite/Pest Inspection Title Binder Title Guaranty Fee Title Endorsements Title Inspection (To Title Company) Title Insurance (Lenders or Owners) Title Opinion/Policy (To Title Company) Transfer Tax Verifications – Cost of verifying or confirming info re: non APR item

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