1)Mortgage Application, Brokers Fees, and Points - These
costs can amount to thousands of dollars some like the
application fee are poc (paid outside of closing) $200 to $500
depending on the lender. Broker fees a percentage of the loan
are sometimes waived or rolled into the mortgage. Points .5% to
4.0% of the loan amount can be rolled into the loan or paid at
closing this cost is based on your credit and buy down cost of
the mortgage. Good idea to shop lenders.
2)Appraisal Fee - $150 to $550 can be higher they vary in
price depending on the size of the property, complexity and
price range. On larger more expensive properties banks may have
an outside appraiser rather than their bank appraiser which will
increase the cost. Paid at closing.
3)Survey Fee - Your bank or mortgage company may require
a survey or updated survey depending on the local custom. Costs
are from $400 to $1200 or more, this is one area where common
sense says get a survey. A survey will give you the assurance
that you are getting the property you think you are buying.
It will show all buildings, sheds, garages, decks, porches,
driveways, and walkways. It will also show whether your
structures encroach on your neighbor's property or his on yours.
4)Title Insurance - Most lenders require you to pay for a
Lender Title policy a must do for you is to get an owners
Owner's Title Policy this will insure you against any claims
of past issues that could affect your ownership of the property.
Based on cost of the property several hundred to thousands of
dollars.
5)Attorney's Fees- Depending on local custom an attorney
may be required. Real Estate transactions are complicated and a
good real estate attorney can make a smooth closing. Based on
hourly fees or fixed if they handle the closing, plan on $400 to
$900.
6)Property Taxes - You will be required to reimburse the
seller for pre paid taxes or you may be paid from the seller's
funds if taxes were not paid. Any event you will put money into
escrow usually 3 months that is held by the lender to pay the
taxes when they come due.
7)Homeowners Insurance - POC 12 months in advance
required by the lender.Also 3 months escrow by the lender at
closing. Based on cost of the property, type of construction,
location, your personal credit rating and previous insurance
usage.
8)Homeowner Association Dues/Fees - You will be required
to reimburse the seller for any pre paid homeowner fees. Depends
on subdivision location condos, townhouses, and gate communities
will have them. This should be listed on the seller's disclosure
documents.
9)Transfer Tax - Normally paid by the seller sometimes
split with the buyer in the sale price. Some states are as high
as 4.5% of the sales price check out state laws could be
thousands of dollars. Paid at closing to the state, county and
city.
10)Miscellaneous Service Charges - First time home buyers
get hit hard here check out the hook up fees for electric, gas,
cable, and telephone. Also deposits if you have no track record
of paying utilities. Hundreds of dollars.
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