There's a lot of things to learn and know when hoping to become a First-Time Home Buyer. It can all seem a bit overwhelming ...
Closing Costs: Closing Costs are one of the most important things you must know as part of your upcoming transaction and financing.
And while everyone's transaction may have costs specific to it (or the locale of the property), there are some costs that are pretty much basic and universal to every transaction.
Below is a comprehensive list of those costs charged to most Home Buyers as part of obtaining a mortgage loan. First-Time Home Buyers should count on these basic costs as part of their fee faced at the consummation of their transaction.
Those Closing Costs are:
- Lender Application Fee .. OR .. Appraisal Fee
- Appraisal Fee (Paid @ Application) If not Application Fee
- Credit Report (Paid @ Application OR @ Closing)
- Tax Service Fee
- Flood Certification
- Home Inspection (Paid @ time of Inspection)
- Lender's Origination Fee (Paid@t Closing)
- Title Fees & Title Insurance (Paid @ Closing)
- First Year's Homeowners Insurance Premium (Paid @ Closing or immediately prior to)
- Possible Cost: Homeowner's Association Documents & Questionnaire (If Applicable)
- Recording Fees (Paid @ Closing)
- Transfer Taxes (These vary by City, County, State ... and by terms of Contract) Often paid by Seller.
- Attorney Fee (Common in Illinois. Paid @ or after Closing)
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