What closing costs and prepaid items should you expect at the closing table?
When you sit down at the closing table, you’ll probably pay a variety of expenses as part of your closing costs. These charges stem from the real estate transaction itself and might include but are not limited to:
- Loan origination fees
- Discount points (also known simply as “points”)
- Appraisal fees
- Attorney fees
- Title search and insurance fees
- Survey fees
- Deed recording fees
- Credit report charges
- Home Inspection costs
In addition, your lender will probably require that some prepayments be made at closing before their actual due date. These costs are related to the home itself rather than the real estate transaction. Depending on the particulars of your loan and your circumstances, you’ll probably continue to pay at least some of these charges for the life of the loan and/or as long as you own the home. They might include but are not limited to:
- Real estate taxes
- Mortgage interest
- Home Association dues
- Mortgage insurance premiums
- Hazard insurance premiums
To read more from our Moving Guide, check out What to Expect When Purchasing a Home, Home Inspection Tips, and our Home Inspection Checklist.
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