These represent the costs of your home loan that will be paid at closing.
Closing costs are the actual expenses incurred in the origination of a new home loan. Some of the costs are related to your loan application, such as the expense of a credit report on all applicants. Other fees are related to the house itself, such as the property appraisal. Others are payment to the lender for processing your application, such as the loan origination fee.
Because different states have different fees and taxes that are a part of costs, it’s impossible to provide an estimate here.
Common closing costs can include processing and underwriting fee, mortgage insurance premium, appraisal fee, the cost of a credit report, tax service fee and other fees. Escrow accounts are required for many loans and require cash deposits at closing.
After your initial meeting with a mortgage professional, you will receive an itemized Loan Estimate that includes all the estimated costs to close your loan.