What Makes Up Closing Costs?

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What you’ll see in this video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:

• Attorney’s or escrow fees (Yours and your lender’s if applicable)
• Property taxes (to cover tax period to date)
• Interest (paid from date of closing to 30 days before first monthly payment)
• Loan Origination fee (covers lenders administrative cost)
• Recording fees Survey fee First premium of mortgage Insurance (if applicable)
• Title Insurance (yours and lender’s)
• Loan discount points
• First payment to escrow account for future real estate taxes and insurance
• Paid receipt for homeowner’s insurance policy (and fire and flood insurance if applicable)

And any documentation preparation fees.