UNDERSTANDING YOUR NUMBERS
FINANCING OVERVIEW
BUYER EXPENSES
TYPICAL COST
HOME INSPECTION FEE
$350+/Visit
The lender will obtain your credit report and preliminary financial information
APPRAISAL
$250 - $500
CREDIT REPORT
Obtain a pre-approval letter from the lender
$30 - $75 per borrower
LOAN ORIGINATION FEE
$750 - $1,250
Once you are under contract for home purchase, you and your broker will provide the lender with the signed real estate contract and disclosures You will supply the lender with all of your detailed financial information, including the completed loan application, tax returns, bank statements and any other information requested by the lender
PROCESSING FEE
$150
TAX SERVICE FEE
$75-$100
ATTORNEY FEE
$600 - $1,000+
ESCROW/SETTLEMENT FEE
$1,275 - $2,000*
BUYER’S TITLE CHARGES
$1,300 - $1,800
The lender will schedule an appraisal of the property, coordinated through the seller’s listing broker
RECORDING FEE
$75 - $250
MUNICIPAL TRANSFER TAX
VARIES
The lender will request a condo questionnaire from the condominium association (if applicable), which will contain certain relevant information about your purchase A “clear to close” notification will be provided by the lender, which is an unconditional mortgage approval and the last step in the financing process!
HOMEOWNER’S INSURANCE
$300 - $400**
INTEREST PER DAY
Loan amount x rate/365
INITIAL ESCROW (FOR PROPERTY TAXES)
1-9 months*** (if applicable)
INITIAL ESCROW (FOR HOMEOWNER’S INSURANCE)
1-3 months (if applicable)
The figures above are intended to give you a general idea of costs and could be less or more then the amounts stated. Actual costs vary per lender, loan amount, property type and other factors. *If cash transaction, shared equally between buyer and seller. **Premium listed represents coverage for a condo. Premiums for a single family home range between $1,300 - $2,000, depending on coverage selection. ***Partially offset by property tax credit from seller.
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