Common Closing Costs for Buyers

Both the Buyer and the Seller have closing costs involved in the purchase of a home.  These are the common buyer costs, but refer to your specific purchase agreement for your exact numbers and costs.  Each area is different, and what you have negotiated may be different as well.

Your lender will give you a cost estimate when you have decided on the home you want to purchase.  This estimate will be fairly close to the costs you will need during the transaction and for closing day.

• Down Payment - Most common are 0%, 3.5%, 5%, 10%, 20% It will all depend on your type of loan
• Loan Origination Fees
• Points or Discount Fees - You pay these to lower your interest rate
• Home Inspection - This is an out of pocket cost during the transaction
• Appraisal - This is normally and out of pocket cost during the transaction
• Credit Report Fee
• Private Mortgage Insurance - This is when your down payment is less than 20%
• Escrows for Homeowner's Insurance and Property Taxes - You need to pay a year's worth in "holding"
• Costs to record the Deed and Mortgage
• Mortgage Title Insurance
• Tax Prorations - Reimbursing the seller for taxes paid in advance if applicable