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Common Buyer's Costs and Fees

By Relocation.com Staff

Lenders Point, Loan origination or loan service fees - can be up to 3% of the loan.

  • Loan application fee
  • Lenders credit report
  • Lenders processing fees
  • Lenders documentation preparation fees
  • Lenders appraisal fees
  • Prepaid interest on loan - prepaid per day until the end of the month in which the closing occurs
  • Lenders insurance escrow - can be up to 20% of the cost of a one year homeowner's insurance policy
  • Lenders tax escrow - Depending on the time of year you close this can be up to 50% of the yearly property taxes
  • Lenders tax escrow service fee- fees to set up the tax escrow
  • Premium mortgage insurance (PMI) - applicable if the down payment does not exceed 20% of the sales price
  • Title insurance cost for lenders policy - depending on what part of the country you live a portion or the full amount may be paid by the seller
  • Special endorsements to the title - Depending on the property you pick the lender may require that the buyer pay special endorsements such as an environmental lien endorsements or location endorsements to name a few
  • House inspection fees -any that remain unpaid
  • Title/escrow company closing fee
  • Recording fees, for the deed or the mortgage
  • Local city, town or village property transfer tax, county transfer tax and state transfer tax -- these charges will vary form city to city and state to state
  • Flood cert fee - fee to determine if the home you pick is in a flood plain
  • Buyer attorney's fee
  • Association transfer fee
  • Condo move in fees
  • Co-op apartment fees -- fees that may be required to transfer the shares of stock in the property to the buyer
  • Any credit checks by the condo or co-op board
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