Closing Costs
All fees listed here may
not be always associated
with all loan
transactions. Actual
closing cost will be
determined on a
case-to-case basis.
Appraisal
Fee-
The cost of a report
prepared by the
appraiser who
estimates the value
of the property.
Escrow Fee
- This covers the
service of the
escrow company who
handles the transfer
and payment of funds
to complete the loan
process.
Flood Fee
- This cost verifies
if the home is
located in a flood
zone. If it is
located in a flood
zone, flood
insurance is
required.
Homeowner
Insurance
- This is insurance protection against loss to real estate caused by fire, some natural causes, vandalism, etc. This depends on the terms of the policy.
Lender
Fee-
A fee paid to the
lender to take you
in as a borrower.
Notary Fees
- Pays for the fees
of a notary public
to acknowledge the
signing of the loan
documents.
Origination
Fee-
A fee paid to the
originator of the
loan.
Primary
Mortgage Insurance (PMI)
-This is the insurance provided by non-government insurers that protect lenders against loss if a borrower defaults. Some insurers require private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.
Processing
Fee
- The cost to
process the loan
transaction from the
beginning until the
funding of the loan
transaction.
Taxes
- real estate
transaction tax
fees.
Title
Insurance
- Insurance against loss resulting from defects of title to a specifically described parcel of real property.
Title Search
- This pays for a
title report which
verifies all public
records on that
property.
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