Closing Costs to Expect for Buyers
By Andrew Hong with Excel Realty
Not many buyers are aware of the closing costs that sometimes show up unannounced during their home purchase. Â Here is a short list of what buyers can expect to see when they do purchase their home. Â This list only includes some examples of potential costs. Â Costs vary from location and situations.Â
Closing Costs to Expect:
- Lender feesÂ include charges for loan processing, underwriting, preparation and establishing an escrow account.
- Third-party feesÂ include charges for insurance, title search, and other inspections such as termites.
- Government feesÂ include deed recording and state & local mortgage taxes.
- Escrow and interest feesÂ include homeownerâ€™s insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.
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