{"id":258,"date":"2014-12-23T04:59:27","date_gmt":"2014-12-23T04:59:27","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=258"},"modified":"2014-12-23T04:59:27","modified_gmt":"2014-12-23T04:59:27","slug":"what-do-closing-costs-consist-of","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/what-do-closing-costs-consist-of\/","title":{"rendered":"What Do Closing Costs Consist Of And How Much Will They Be?"},"content":{"rendered":"<p>You\u2019re finally finished with the house hunt and are all ready for the house to officially be yours congrats! But before you get the title, there\u2019s a few more payments you have to make: the closing costs.<\/p>\n<p>Often times, the seller will help cover (or in some cases, completely cover) some of these fees, but it\u2019s important to have set aside a closing cost budget beforehand in case they\u2019re left for you to pay.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/fthb\/2014\/12\/closing-cost-calculator\/1.jpg\" alt=\"What Do Closing Costs Consist Of And How Much Will They Be?\" style=\"width:600px;\"\/><\/p>\n<h2>What do closing costs consist of?<\/h2>\n<p>Many of the costs associated with closing will be required and selected by your lender. Here are some of the most common ones:<\/p>\n<ul>\n<li><b>Credit report:<\/b> A fee your lender charges for running your credit report to see if you qualify for the loan, how much they\u2019ll lend you, and what interest rate you\u2019ll get.\n<li><b>Loan origination fee: <\/b>A lender\u2019s charge for processing the loan paperwork and administration for you.\n<li><b>Appraisal:<\/b> The bank will hire a licensed appraiser to estimate the market value of your home.\n<li><b>Prepaid interest:<\/b> You\u2019ll be required to pay the amount of interest that becomes due as you\u2019re settling on the home.\n<li><b>Home inspection fee:<\/b> Your lender may require a home inspection to take place to make sure it\u2019s fit for settlement.\n<li><b>Title services &#038; lender\u2019s title insurance:<\/b> Title services ensure that there aren\u2019t any pre-existing issues with your property; the price of the lender\u2019s title insurance is based on the loan amount.\n<li><b>Owner\u2019s title insurance:<\/b> The price of your title insurance is based on the purchase price of the home.\n<li><b>Private mortgage insurance (PMI):<\/b> If your down payment is less than 20 percent, the bank will require you to make your first PMI payment upon closing.\n<\/ul>\n<p>There are also some required services that you can shop for yourself:<\/p>\n<ul>\n<li><b>Survey fee:<\/b> The fee for a surveyor to verify the specific lines of your property.\n<li><b>Pest inspection:<\/b> A fee you might choose to pay to have your home inspected for pests like termites (a service that isn\u2019t typically included in a normal home inspection).\n<\/ul>\n<p>In the house hunting world, it\u2019s hard to come up with broad numbers\u2014with a huge variety of mortgages come a huge variety of closing costs.They tend to vary based on who you work with and what kind of loan you have, so we made this one-click calculator including the most basic elements of the process.<\/p>\n<p>All you have to do in enter the purchase price of your home, and you\u2019ll get a range that should be fairly close to what your total closing costs will look like. Remember, this range is just an estimate.<\/p>\n<p><iframe loading=\"lazy\" src=\"http:\/\/s3.amazonaws.com\/fthb\/2014\/12\/closing-cost-calculator\/closing-costs.html\" frameborder=\"0\" width=\"600px\" height=\"460px\"><\/iframe><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019re finally finished with the house hunt and are all ready for the house to officially be yours congrats! But before you get the title, there\u2019s a few more payments you have to make: the closing costs. Often times, the seller will help cover (or in some cases, completely cover) some of these fees, but it\u2019s important to have set aside a closing cost budget beforehand in case they\u2019re left for you to pay. What do closing costs consist of? Many of the costs associated with closing will be required and selected by your lender. Here are some of the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Do Closing Costs Consist Of And How Much Will They Be?<\/title>\n<meta name=\"description\" content=\"Calculate your closing costs to help you budget before you buy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/what-do-closing-costs-consist-of\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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