What Will Your Closing Costs Be On The Purchase Of Your New Home?


Congratulations!  You either have the cash, or have been approved for a mortgage, to buy a home or investment property.  Now that you have determined how much you can afford, remember to keep in mind your closing costs, which will run between 3-4% of your purchase price for closings with a mortgage and less than 1% for a cash deal.  Closing costs typically include the following  “Out of Pocket” expenses:




Courier (federal express)


Credit Report


Digital Imaging/Archiving Fee


Documentary Stamps on the Note: $.35 per $100.00 of note amount


E-recording fee: $4.00 per instrument to be recorded


Flat Fee Commission if company you use charges one.  Usually $200-$300


Inspection Fees and other lender’s fees


Intangible Tax on the Mortgage: $.20 per $100.00 of mortgage amount


Mortgage Points


Title Insurance: Lender’s Policy




Owner’s Policy


Recording Fees: $10.00 first page, $8.50 each additional page


Settlement Fee


Survey / Termite Report / Roof Report (if required)




2 to 13 months property taxes (changes depending on time of the year closing takes place)


14 months hazard insurance


14 months flood insurance (if required)


14 months of windstorm insurance (if required)


P.M.I. Premium (if loan to value ratio is higher than 80%)


Prepaid Interest (from closing date to the end of the month)



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