What you’ll see in this mortgage video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:

  • Real Estate Attorney’s or escrow fees (Yours and those of your mortgage lender if applicable)
  • Property taxes (to cover tax period to date)
  • Interest (paid from date of closing to 30 days before first monthly payment)
  • Loan Origination fee (covers lenders administrative cost)
  • Recording fees, Survey fee, first premium of Mortgage Insurance (if applicable)
  • Title Insurance (yours and lender’s)
  • Mortgage Loan discount points
  • First payment to escrow account for future real estate taxes and insurance
  • Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable)

And any home mortgage documentation preparation fees.