Top 15 Closing Costs to Know When You Buy a Home

by Iryna Iniguez Snehirova

Top 15 Closing Costs to know when you buy a home:

The main Closing Costs typically include:

1. **Loan Origination Fees**: Charged by the lender for processing the new loan.

2. **Appraisal Fees**: To assess the home’s value for the lender.

3. **Credit Report Fees**: For obtaining your credit history from credit bureaus.

4. **Title Insurance**: Protects the lender and possibly the buyer against problems with the title.

5. **Escrow Fees**: Paid to the company overseeing the closing process.

6. **Recording Fees**: For recording the new deed and mortgage with the local government.

7. **Survey Fees**: For a property survey to confirm property lines.

8. **Attorney Fees**: If an attorney is involved in the closing process.

9. **Home Inspection Fees**: For a professional inspection of the property’s condition.

10. **Pest Inspection Fees**: In some regions, a separate termite or pest inspection is necessary.

11. **Homeowners’ Insurance**: Typically, the first year’s premium is paid at closing.

12. **Property Taxes**: Buyers often need to pay a portion of the property taxes upfront. 13. **Prepaid Interest**: Interest on the mortgage that accrues from the date of settlement to the first monthly payment.

14. **Private Mortgage Insurance (PMI)**: If your down payment is less than a 20%, you might need to pay the first month’s PMI.

15. **Transfer Taxes**: Taxes for transferring the title from the seller to the buyer.

Closing Costs vary by property: The specific costs can vary based on the location, type of property, and loan details. Buyers should receive a Closing Disclosure form from their lender that outlines the exact costs they will incur. Buyers and Sellers can obtain a summary of potential Closing Costs from an escrow company, an experienced Title Officer or an experienced Real Estate Team.

📲Contact me for more details

⚜️Iryna Iniguez

⚜️Realtor, DRE 02067232

⚜️P. 760.848.6244.

⚜️Coldwell Banker West

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