Closing costs

There are various costs associated with purchasing a property and these are commonly referred to as “closing costs”. These costs can vary depending on the lender or Escrow Company involved, the vendors used for inspections, the type of property, and various other factors. Once the type of loan, type of transaction, purchase price, loan amount, etc. are identified then your lender can give you a rough estimate about what the closing costs will look like. As the transaction progresses the closing costs will change and you should be prepared for the costs to be a moving target.

Fees could include, but are not limited to the items listed below.

Origination –
Points –
Commitment fee –
Document preparation –
Broker, originator or lender –
Processing –
Tax service –
Underwriting –

3rd-party fees
Appraisal –
Attorney –
Closing or settlement –
Credit report –
Flood certification –
Postage/courier –
Survey –

Pre-Paid Items
Taxes –
Maintance Fees –
HOA Dues –

Based on the factors listed above, down payment, and the amount of points a buyer pays closing costs typically range between 1.5% – 3.5% of the loan amount.

* Consult with your mortgage loan originator for estimated closing costs based on your loan program and credit profile.