|
Buyers' Closing Costs
Typical for North Carolina |
The Real Estate LadyŽ comments:
|
| 1.Origination Fee |
Usually 1% of loan
amount. Credit Unions usually charge a set fee. Sometimes may be
negotiated. Some lenders may not charge an origination fee and encourage
you to buy down the rate with the one point. (one point = one per cent) |
| 2.Credit Report |
Estimate $50 |
| 3.Attorney |
Estimate $450 |
| 4.Appraisal |
Estimate $300 |
| 5.Survey |
Estimate $300 |
| 6.Title Insurance |
$2 per thousand. May be
able to use "Tack-to", re-issue of title insurance in place if
appropriate. |
| 7.Tax Service Fee |
Reporting tax |
| 8.Recording Fee |
Recording documents |
| |
|
| Mortgage Insurance
Premium |
On conventional loans,
it is called PMI. Private Mortgage Insurance. This insures the lender if
you walk away.
Popular ways around this is an 80-10...
the goal being to increase the equity to eliminate the requirement for PMI.
The government may do away with this insurance. |
| Home Owners Insurance
Premium |
14 months is required
up front |
| Flood Insurance Premium |
If in flood plain.
Currently documentation is required for flood certification. |
| Property Taxes |
A certain number of
months is required for property taxes to be paid up front and the
number of months varies. You may also elect to manage your own escrow
items ( taxes and insurance) if you qualify. This is usually based on the
amount of the down payment. |
| |
|
| Structural and
Mechanical Inspections |
Not always required but
an extremely good practice. Even if new construction. |
| Termite Inspection |
Not always required but
an extremely important practice. |
| Heating and A/C
Inspection (Optional) |
Depending on the age
and condition of the equipment, a separate inspection by a qualified HVAC
inspector is always a good idea. Inspecting and servicing usually
costs as much as just the inspection. |
| Chimney Inspection
(Optional) |
Using a masonry expert
is a good choice. Inspectors and chimney sweeps have different opinions
from the people who know that construction. |
| Roof Inspection
(Optional) |
Sometimes a good idea
especially if there seems to be patch-work, or uneven wear. |
| |
|
| Good Faith Estimates |
Mandatory. Federal
requirement. |
| Closing Statements |
Try to view the day
before closing at least. |
| Transparent Mortgage |
Notes from The Real
Estate LadyŽ |
| Predatory Lending |
Notes from The Real
Estate LadyŽ |
| |
|
| |
|
