Closing Costs For Buyers & Sellers

When budgeting for the sale or purchase of a home, you must include closing costs! Closing costs are usually between 2-5% of the loan amount, and they’re paid at closing. Closing costs are standard expenses when closing the sale of any property for real property buyers and sellers. Usually, these fees are shared between buyers and sellers according to the agreed upon contract. Here’s what to expect:

Insurance Fees

There are a few insurance fees that will be charged and paid at closing the title and escrow company, including:

– Homeowners Insurance
– Flood Insurance (When applicable, usually in flood zones.)
– Mortgage Insurance (required for loans with a smaller down payment.)
– Title Insurance 

– Extra Title Insurance

– Homeowners Insurance (for buyers)

Taxes

Taxes are prorated for buyers and sellers at the close of escrow. At the close of your sale or purchase, your title company will collect and pay these taxes for buyers and sellers:

– Past Property Taxes
– Transfer Taxes
– County Recording Fees

Lenders Closing Costs

If you are buying a home, lenders all have their own set of fees, so shop around for the best deal! All lenders are required to give you a loan estimate after, up to three days after, you submit your application. Closing fees vary depending on your loan type and mortgage lender. Most lenders’ fees include:

– Point Fees (WHen buying down your interest rate.)
– Appraisal Fees
– Credit Report Fee
– Interest Payment
– Escrow Account Fees
– Origination Fee

If You’d like to walk through closing costs and fees you’ll need to be prepared for when buying or selling your home, call for a free consultation! Juliea Huffaker 208-244-8505 or schedule online!