Buyer's Cost & Fees

Lenders Point, Loan origination or loan service fees - can be up to 3% of the loan.

• Loan application fee
• Lenders credit report
• Lenders processing fees
• Lenders documentation preparation fees
• Lenders appraisal fees
• Prepaid interest on loan - prepaid per day until the end of the month in which the closing occurs
• Lenders insurance escrow - can be up to 20% of the cost of a one year homeowner's insurance policy
• Lenders tax escrow - Depending on the time of year you close this can be up to 50% of the yearly property taxes
• Lenders tax escrow service fee- fees to set up the tax escrow
• Premium mortgage insurance (PMI) - applicable if the down payment does not exceed 20% of the sales price
• Title insurance cost for lenders policy - depending on what part of the country you live a portion or the full amount may be paid by the seller
• Special endorsements to the title - Depending on the property you pick the lender may require that the buyer pay special endorsements such as an environmental lien endorsements or location endorsements to name a few
• House inspection fees - any that remain unpaid
• Title/escrow company closing fee
• Recording fees, for the deed or the mortgage
• Local city, town or village property transfer tax, county transfer tax and state transfer tax -- these charges will vary form city to city and state to state
• Flood cert fee - fee to determine if the home you pick is in a flood plain
• Buyer attorney's fee
• Association transfer fee
• Condo move in fees
• Co-op apartment fees -- fees that may be required to transfer the shares of stock in the property to the buyer
• Any credit checks by the condo or co-op board