Understanding Closing Costs

closing

You can generally break down all closing costs into two basic groups: Amounts paid to state and local governments. These include city, county and state transfer taxes, recordation fees, and prepaid property taxes. Costs of obtaining a loan or mortgage. These fees include title insurance, appraisals, credit checks, loan origination and documentation fees, commitment and processing fees, hazard and mortgage insurance and interest prepayments. There are plenty of fees that you’ll have to pay during the closing. Many of these costs are … [Read more...]