What are Closing Cost?


    Closing costs are fees associated at the closing of a real estate transaction when the title of the property is transferred from the seller to the buyer. Closing costs typically range from 2-5% of the purchase price and are incurred by both parties. Here are some common closing costs:

    • A fee for running your credit report.
    • A loan origination fee, which lenders charge for processing the loan paperwork for you.
    • Attorney’s fees.
    • Discount points, which are fees you pay in exchange for a lower interest rate.
    • Survey fee, which covers the cost of verifying property lines.
    • Title search fees, which pay for a background check on the title to make sure there aren’t things such as unpaid mortgages or liens on the property.
    • Title insurance, which protects the buyer and lender in case the title isn’t clean.
    • Escrow deposit, which pays a couple months’ property taxes, homeowner’s insurance, and private mortgage insurance (PMI).
    • Prorations for your share of homeowner’s association fees.
    • Recording fee, which is paid to the county in exchange for recording the new land records.

    Lenders are required by law to give you a Loan Estimate, which will include what the closing costs on your home should be. At least three business days before closing, the lender will give you a Closing Disclosure statement, which outlines exact closing fees. This Closing Disclosure statement must be signed by the buyer the same day it is issued to avoid a delay in closing.

    Feel free to contact our team if you have any further questions.

    We are looking forward to working with you and your family in the near future

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    Performance Ratings ⭐⭐⭐⭐⭐ As a first time buyer, there were a lot of things that I did not know about the buying process (loan, offers, counteroffers, buying assistance…), but Rosa was able to assist me and my family every step of the way. The funny thing is that every time that I was asked a questions (or had a question) that I did not know about or did not know how to answer, I would call or text Rosa and she would respond to my question (escrow, points and countless others) and give me …
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