The majority of "closing costs" are generally fees associated with the loan. By law, your lender was required to disclose these fees upfront. Sit down with your agent and loan officer and go over the fees...there should be no surprises at the closing table...you should be well aware of what money you need to close well before close of escrow.

And...just an fyi, escrow and title costs are set according to the sales price. They are also mandated by the Insurance Commissioner...so every title doesn't have the same costs, but generally they are all pretty close to each other.

Good luck...and word of advice..do not close escrow until you are completely satisfied of the charges and that you fully understand them.

Closing costs do NOT have to do with Old house vs. New house, it has to do with Purchase price Only. Maybe your friends were able to have the seller help to pay their costs & that could be another reason why they were much lower. Did you both purchase at the same price?

You should be able to get a copy of the lender's Good Faith Estimate of Closing Costs (they need to provide a copy to you by law) check through the charges & feel free to email me if you think anything is out of place or doesn't look right. I don't mind giving you a good honest 2nd opinion. Your costs could also be higher if you are paying for any extra options or upgrades from the New home builder.

emilyknell1@yahoo.com

There are many items that can be included in closing costs. The title and escrow fees depend on the price of the home and the loan amount that you are getting.

If it is a single family home, your first year's insurance premium will be included, and if you are having an escrow (or "impound") account, it could include up to 8 months of property taxes & insurance.

Your loan fees may also include a "point" or two to get a better rate, and other junk fees like processing, underwriting, and doc printing.

You should ask for an "Estimated HUD-1" and get an explanation for each fee that is listed on it.