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Closing Cost Cleaned Up

ORIGINATION FEES:

A fee charged by lenders for processing the application and underwriting it.  This fee typically ranges from 0.5% -1% of the borrower’s mortgage.

 

SERVICE CHARGES:

Includes the appraisal, credit report, flood determination and certificate, tax status, post inspection, title search and insurance, and survey fees.  Appraisals and surveys can cost anywhere between $300 to $500 each.  Title services can add up to about $2,000. 

 

TRANSFER TAXES AND RECORDING FEES:

Vary by state but can run as high as 2.7% in some states.  

 

ESCROW ITEMS:

Includes homeowners’ insurname, property taxes, and primary mortgage insurance, if applicable.  These vary by location.  HOA fees also may be included here. 

 

 

Source: National Association Of Realtors


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