What are Closing Costs?

Closing cost are the service fees and taxes associated with the mortgage process. On average, closing costs are about 2% – 5% of the home’s purchase price. Closing costs are comprised of several different fees and/or taxes that are either related to the services provided by your mortgage lender, or related to the property itself.

What makes up Closing Costs?

Closing Costs Associated with Your Loan:

  • Origination
  • Points
  • Appraisal
  • Credit Report
  • Flood Certification
  • Title Search & Lender Title Insurance
  • Home Inspection
  • Postage
  • Survey
  • Attorney & Closing Fees

Closing Costs Associated with Your Property:

  • Government Recording Fee
  • Transfer Tax
  • Homeowners Insurance
  • Up Front Mortgage Insurance
  • Daily Interest
  • Escrow Homeowners Insurance
  • Escrow Property Taxes (3 months)
  • Title Insurance