Closing Costs

  • Various fees associated with a home purchase are called "closing costs."

  • Both buyers and sellers usually pay closing costs. Ask your real estate agent about which you´re responsible for.

  • Sellers´ costs include:

    1. Paying off loan charges

    2. Brokerage fee

    1. Transfer tax

    2. Title insurance and escrow fee

    3. All or part of a home protection plan.

 
 

  • Buyers´ costs include:

    1. Home loan fees

    2. Title insurance

    3. Transfer taxes

    4. Inspector fees

    5. Mortgage insurance

    6. Attorneys´ fees

    7. Hazard insurance.

  • To qualify for a home loan, you must show the lender enough cash on hand for the down payment and closing costs.

  • Another way is to purchase a home late in the month - less interest will be owed to the lender.

  • Lenders won´t allow a seller to credit money towards a buyer´s cash down payment, but will allow them to cover some, or all, of the non-recurring closing costs.

  • Lenders´ policies vary: some permit credit for all non-recurring closing costs; others limit it to 3.5% of the purchase price.

  • Some portfolio lenders, however, are more lenient: they´ll pay all non-recurring closing costs in exchange for a higher interest rate.

  • In a slow market, a seller or builder will usually pay at least some of the non-recurring closing costs.

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