Understanding Closing Costs
MobileHomeLoans.com can answer questions about closing costs. Below is some information about closing costs. Feel free to call us.
There are certain standard costs related to closing the sale of a home. Buyers almost always incur these costs, as specified in the sales contract, however, depending on the contract the seller may split some of the closing costs with the buyer. “Closing Costs” are the fees that cover the various services involved when you sell or buy a house. These fees are either paid directly out of pocket or indirectly in the loan. As you’ll see below, many of the buyer’s closing costs cover the costs of originating the mortgage loan.
A buyer will have Standard Closing Costs in Escrow. There are three basic parts in Fees.
Below you’ll find a generic list of costs for buying residential real estate. You will receive a specific list of your closing costs as we progress through the process.
Recurring Closing Costs
- Up-front Mortgage Interest
- Property Taxes
- Insurance (paid year in advance in escrow)
Non-Recurring Closing Costs
- Escrow Fees
- Loan Origination Fee (if it is borrower paid, Lender paid no origination fees)
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report Fee
- Recording Fees and Transfer Taxes
- Homeowners Insurance
- Flood or Quake Insurance
- Title Insurance
Upfront Space Rent (if in a Park)
Normally, in escrow, you will pay for one month of space rent (or proration)
Have more questions?
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