Closing

Generally, you will be required to present your portion of the closing costs in the form of a cashier’s check. The title company will tell you how much you owe for:

  • The down payment
  • Loan origination fees
  • Points (loan discount fees that you pay to receive a lower interest rate)
  • Appraisal fee
  • Credit report (lenders often order one report when you apply for the loan and a second report to make sure you haven’t incurred additional debt before closing)
  • Private mortgage insurance premiums (this is the fee charged if your loan is larger than the typical 80 percent of the cost of the home)
  • Homeowner’s insurance escrow
  • Property tax escrow
  • Deed recording fees
  • Title insurance policy premiums
  • Survey fee
  • Inspection fees – if not already paid up front
  • Notary fees
  • Prorations of your share of costs for utilities and property taxes