The specific amount of your closing costs varies by situation. Appraisal fees, title charges, and closing fees may all vary from state to state and from lender to lender. To evaluate your closing fees, we’ve created three categories of which you should remain aware:
- Third-party fees
- Taxes and other unavoidable costs
- Lender fees
||Taxes and Other Unavoidable Costs
We collect any third-party fees and pass them on to the person who actually performed the service.
- Appraisal fee
- Credit report fee
- Settlement/closing fee
- Survey fee
- Tax service fee
- Title insurance fee
- Flood certification fees
- Courier/mailing fees
These fees will most likely have to be paid regardless of the lender you choose. If some lenders don’t quote you fees that include taxes and other unavoidable fees, don’t assume that you won’t have to pay it. It probably means that the lender hasn’t done the research necessary to provide accurate closing costs.
- State/Local Taxes and
- Recording fees
These fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before deciding.
Please note, this may not be an exhaustive list.
- Document preparation fees
- Loan processing fees