Question:
What are the real estate settlement fees and costs paid upon closing?
Answer:Use the HUD booklet to calculate on your own how much you'll have to pay for real estate settlement fees. Those charges basically consist of, but are not limited to the following items:
Real Estate Settlement Items as Per Section L, HUD-1 Settlement Statement
- Broker's fee: This is the broker or real estate agent's commission. It is usually paid by the seller.
- Items
payable in connection with loan:
- Loan origination;
- Loan discount;
- Appraisal fee;
- Credit report fee;
- Lender's inspection fee;
- Application fee for mortgage insurance;
- Assumption fee - not applicable in most cases;
- Mortgage broker or CLO fee - the fee for matching you with the right loan, either through a broker, or computer loan software.
- Items
required by lender in advance:
- Per diem interest;
- MIP (mortgage insurance premium);
- Hazard insurance premium;
- Flood insurance;
- Etc.
-
Escrow
account deposits:
- Hazard insurance;
- Mortgage insurance;
- City property taxes;
- County property taxes;
- Etc.
- Title charges.
- Settlement/Closing fee.
- Several title related charges.
- Document preparation.
- Notary fee.
- Attorney's fee.
- Title insurance (lender and owner).
- Government recording and transfer charges.
Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans
how to take advantage of them.
Was this Mortgage QnA helpful?
| Not at all | Definitely |
Add to this Answer
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Bookmark and share this QnA: