Closing Costs

Prestige Properties Realty

Advantages of Starting Early

Before you fall in love with a home, it makes sense to find out exactly what you can afford and what payment you are comfortable with. If there are multiple bids on a property, being pre-approved is a must. Most listing agents won’t want to present your offer until they know you are a strong financial candidate. Typically, there is no cost associated with beginning the mortgage process. Also, you are not obligated to the mortgage company until you sign the papers at closing. Therefore, you can always change if there is a better deal elsewhere.

What to Expect

Below is an estimate of a buyer's typical closing costs. It’s very important you, as a buyer, check the lender’s fees prior to committing to a loan officer. Lenders can differ significantly in their fees. Some loan officers will quote a low interest rate, but more than make up for it on their fees. Each lender should ask each lender you interview to provide you with a good faith estimate. This outlines the closing cost charged and allows you to compare lenders.

Estimated Closing Cost

ConventionalVAFHA
Appraisal Fee
$450
$450
$450
Attorney Fees
$175
$0
$175
Credit Report
$75
$75
$75
Discount Points (1% of Loan Amount)
Buyer's Choice
Buyer's Choice
Buyer's Choice
Escrow Fee
$350
$0
$350
Flood Certificate
$30
$0
$30
Homeowners Association Fees
Prorated
Prorated
Prorated
Homeowners Insurance
14 Months Prepaid
14 Months Prepaid
14 Months Prepaid
Lenders Inspection Fee
$175
$0
$175
Lender Required Tax Reserves
3-4 Months
3-4 Months
3-4 Months
Messenger Fees
$35
$0
$35
OTP Survey Amendment
5% of Title Fee
5% of Title Fee
5% of Title Fee
Loan Origination Fee
1% of the Loan Amount
1% of the Loan Amount
1% of the Loan Amount
Processing Fees
$500
$0
$2,500
Recording Fee
$120-150
$120-150
$120-150
Survey
$450
$450
$450
Tax Service Fee
$95
$0
$0
Underwriting Fee
Varies
$0
Varies
VA Funding Fee
$0
Acutal
$0
Wire Transfer Fee
$125
$0
$125
Tax Proration
Closing Date Through End of Year
Closing Date Through End of Year
Closing Date Through End of Year

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