Common Closing Costs for Buyers

The lender is required disclose a good faith estimate of all settlement costs. You will be required to deposit to escrow funds to cover closing costs. In addition to the agreed upon down payment, additional fees you may be responsible for include, but are not limited to:

  • Loan origination fees
  • Points, or loan discount fees, you pay to receive a lower interest rate
  • Appraisal fee
  • Credit report
  • Private mortgage insurance premium
  • Insurance escrow for homeowners insurance, if being paid as part of the mortgage
  • Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
  • Deed recording fees
  • Title insurance policy premiums
  • Survey
  • Inspection fees—building inspection, termites, etc.
  • Notary fees
  • Prorations for your share of costs, such as utility bills and property taxes