what are closing costs on a home loan?

Answer 1

can not give you an exact answer only from $300.00 up to maybe $2500.00 or more????

Answer 2

closing costs are the costs you bring to the table at the closing of your loan- when you sign all the papers and the property becomes yours (can sometimes be rolled into your loan if you are putting a down payment of more than 20% etc ask your loan officer)-- the closing costs can include the bank/mortgage company fee and possibly a title search etc-- it is all relative and diff w/ each company. One bank may offer a flat closing cost of 995.00 for example but require you pay a point ( a percentage of your loan) at close as well. Others can really have ridiculous closing costs etc; another idea is when you make your offer etc on a property, make a high maybe asking price offer but ask that the seller pay half or all of your closing costs. Both buyer and seller pay some sort of closing costs; usually the buyer's costs will be higher than the seller's-- your closing costs can also include what you have to pay upfront in escrow perhaps 5 months etc of your home insurance/ property taxes etc.

Answer 3

Closing Cost Varie from state to state: You can estimate 3-5 percent of the loan amount, if the loan is small - or 3 percent if the loan is 200,000 or higher. This is a estimate only (ok)

1. Title Company Fees: You will have the settlement fee, Title Insurance, Recording Fee, Courier Fee, Wire Fee. You may also have from the Title Company: Title Search, Title examination, Title Insurance Binder, Document Prep Fee, Notary Fee, Attorney Fee, and Coverage - if a purchase. Not all the fees are on a Refinance...Some are for a Purchase.

You will have interest from a certain date to another day. Say you closed on 7/13/06. Funded on 7/17/06 You will have interest from 7/17/06 to 8/1/06 (16 days of interest). This will go to the Lender, since you will not have a Mortage Payment for July, August. Your Payment will start September 1, 2006

Other Charges: Loan Orgination Fee (Broker fee), Appraisal (Unless you paid for it at the time of the appraisal), Adm Fee (That is the Lender fee), Credit Report, Tax Service Fee (Lenders Fee), Processing Fee and Flood Cert Fee. This is a general list. They may collect 1 year Home Owners Insurance (if it is due). Lenders want to make sure you have paid coverage on their investment. If you decide to escrow your taxes and insurance, than they will collect 2-3 months of taxes and Homeowners insurance to start up your escrow accounts.

You will get a GFE (Good Faith Estimate) from your lender. This is a estimate only (not the final one), but it will give you and idea of what you need to bring go closing (if anything)...

Good Luck to you.

Answer 4

Various associated costs required to do the loan, such as the Title Fee, the County Transfer Fee (if they have one), Appraisal Costs, Title Insurance, etc.

Answer 5

It varies from state to state. In California, you're looking at escrow, title, appraisal, inspections (on a purchase), lender fees and points, closing out your old loan (on a refi), and various other smaller fees - fax, delivery, etc.

Total without points should run you close to 3500. Points are 1% of your loan amount, and they are given for various reasons. Hope this helps.

Answer 6

You have to pay your

--real estate agent
--down payment
--homeowners insurance
--any back property taxes
--title fee's
--inspections fee's
--appraisal

I think that's it... but its been a while since we bought our house.

Answer 7

ask your broker for a good faith estimate and then have the seller pay for them. ;)

Regards