When you purchase a home, you will need to pay closing costs. Closing costs are an umbrella term for fees charged by lenders and third parties related to the purchase of the home. In addition to owing the lender the down payment and the principal and interest related to the loan/mortgage, you will also owe the lender and third parties closing costs. These closing costs are typically paid at the time that you close on your mortgage (hence the verbiage). Here is an organized breakdown of what these closing costs cover:

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Seller’s Responsibility

Buyer’s Responsibility

-Half of the Escrow Fee

-Owner’s Title Insurance Policy

-Excise Tax

-Real Estate Broker Commissions

-Loan Balances

-Pro-Rated Property Taxes

-Current Utility Balances

-Homeowner’s Association Fees

-Pro-Rated HOA Dues

-Half of the Escrow Fee

-Lender’s Title Insurance Policy

First Year Fire Insurance Premium

-Pro-Rated Property Taxes

-Homeowner’s Association Fees

-Pro-Rated HOA Dues

-Lender Fees: Appraisal, Credit Report, Loan Origination fee, Pre-Paid Interest, Private Mortgage Insurance

Closing cost are not limited to this list. Items are subject to change.

 

 For further information or clarification, feel free to contact me via email or phone.
AccordBuyers@gmail.com | 253.347.0425

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