Closing Costs
Closing costs will be estimated for you by your mortgage specialist at the time you apply for your loan, but you won’t know the exact costs until the closing is scheduled by the bank and the closing package submitted to the closing attorney.Closing costs typically include items such as loan origination fees, appraisal fees, credit reports, underwriting, flood certification fees, tax and insurance escrows, title examination, document preparation, municipal lien certificate, title insurance premiums, surveys, recording fees, and Federal Express charges. Additionally, depending on the date of the closing, you may have prepaid interest charges and tax adjustments.
The closing attorney’s office will prepare a HUD Settlement Statement which will detail every charge and include any credits due you. If at all possible, have your Real Estate professional get a copy of this statement prior to the actual closing so you can review it for accuracy and be prepared to come to the closing with the proper amount of money (in certified funds or bank check) to satisfy your obligations.