How much you’ll pay in closing costs.

The total closing costs paid in a real estate transaction (including refinance) vary widely, depending on the home’s purchase price, loan type and the lender you use.

In some cases, closing costs can be as low as 1% or 2% of the total loan amount. In case you’re paying your Mortgage Broker discount points for a lower rate, you’ll probably end up paying closer to 4% or 5% of the loan amount on closing costs.

Click on the drop down icons below to learn more. ‘Other costs‘ are costs you have to pay regardless, so aren’t really pertaining to costs involved with closing on a loan. You just have to make sure these costs are pre-paid and in escrow on closing day.

    • Broker Fee

    • Loan Application Fee

    • Underwriting Fee

    • Discount point(s) - only in case you want to pay down the interest rate

  • Anything that has to do with SURVEY and TITLE work.

    • Appraisal Fee

    • Credit Report Fee

    • Recording Fee

    • Flood Certification

  • Most lenders require you to pay a few homeowner costs in advance. They call this ‘PREPAIDS’. Think about:

    • Property Tax

    • Homeowners Insurance

    • Mortgage Insurance (if applicable)

    These costs need to be in an escrow account in order to close on a loan.

    Other potential costs are:

    • HOA Fees (if applicable)

    • Title Insurance (optional)

    • Home Inspection Fee (optional)