Find out the fees the bank will charge you for in conjunction with loan. Ask your bank for the list of fees associated with the loan. Fees vary from state to state and bank to bank. Typical and approximate fees include:Appraisal feeSurvey feeCost to run the credit report (two credit reports, if there are two of you buying)Loan origination feeTax service feeUnderwriting fee Flood certificate
Pre paid items that you will have to pay for a year in advance will be added to the closing costs. They include interest paid for a year in advance as well as hazard insurance on the home.
There will be additional reserve payments added to the closing costs such as an additional two months of hazard Insurance, two months of taxes, and two months of mortgage insurance.
There will be title charges that transfer ownership of the home to you in the closing costs. The include may include title policy fees (which depends on the loan amount), endorsements and a courier fee.
You will also have to pay the local recording authority to record your ownership of the home. You will have to pay for recording fees, documentary stamps and intangible taxes, which will vary by state.
Add all of these items together and add your lawyer’s fees and any remaining down payment that you owe, and you will have your closing costs calculated.