What do YOU Pay for during a Purchase?

What are Closing Costs?  Closing costs are the cost of creating and closing the loan, which include the appraisal, title, insurance, attorney, lender, county, and city fees.  

What are Pre-Pays?  Funds collected at time of closing for future payments.  The typically include:  on-year's home owner's insurance policy, days of interest for the month of closing, and funds to populate your escrow accounts for taxes and insurance.

What do You Pay for in a Purchase Transaction?

• Earnest money.  This is good faith determined in negotiations with your offer.

• Appraisal fee which is collected by my staff for the appraisal management company. See "Appraisals" for price estimate.

• Home inspection (if you elect to have one), estimate cost $300 to $450.

• At closing there are four things paid:

  • Down payment – minimum amount is determined by the loan type chosen.

  • Closing costs – the actual cost of closing your loan, includes:  title, attorney, lender, state, and county fees.  You will receive a loan estimate which is a conservative estimate of all closing fees.

  • Pre-pays - fees that you pay in advance, i.e.: days of interest of month you close, and one-year home owner’s insurance policy.

  • Escrows - An account that holds funds for the purpose of paying homeowner's insurance and property taxes when the bills come due.

• You will receive credits at closing:  

  • Your earnest money.

  • Seller concession agreed in your contract.

  • Lender credits if applicable.

• Turn utilities on before closing.

• Moving expenses.