Buyer's Common Purchase Costs

Your lender needs to give you a "good faith estimate" of all your closing costs. You will need a bank check (cashier's check)to cover the closing costs . The escrow company or title company handling your closing will give you the amount required.

1. Down payment money
2. Fees to orginate the Loan
3. Points, or loan discount fees, you pay to receive a lower interest rate
4. Fee for Appraisal
5. Credit report
6. Premium for private mortgage insurance
7. Escrow for homeowner's insurance, (if included as part of the mortgage payment).
8. Escrow for property taxes (if they are included in the mortgage payment) Your lender may hold funds to pay property taxes, home owners insurance and pay them as needed.
9. Fees for recording the Deed.
10. Policy for Title insurance
11. Survey
12. Inspection fees—city inspections, structural report & pest control report, home inspection fees.
13. Notary Public fees
14. Property tax prorations, water, electric, gas & other bills will be prorated.

Prorations - Some costs are paid on a yearly or monthly basis, so you may need to pay a bill for services used by the sellers prior to their move. Prorating is a way for the seller to pay you for any services used by them but not yet billed. or it lets you to pay the sellers for costs they have paid in advance.