Closing Costs

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Real Estate

Below are listed closing costs fees and explanations:

Administration fee,  Appraisal fee,  Appraisal review fee, Closing/escrow/settlement fee, Courier fee,  Credit Report, Document preparation, Flood certification fee: Verifies if property is in a federally designated flood zone.  Flood monitoring: Monitors flood zone remapping.  Home inspection, Home warranty, Homeowner’s association transfer fee, Homeowner’s insurance: usually required to pay the entire first year’s insurance at closing.  Homeowners insurance impounds: two months’ worth of premiums. Lender’s Inspection fee: on new property, verifies construction is complete with carpeting and flooring installed.  Loan discount: “Points.”  Loan Origination Fee,  Loan tie-in fee: closing agent’s services dealing with the lender.  Mortgage broker fee,  Mortgage insurance impounds,  Mortgage insurance Notary fees, Pest inspection,  Pre-paid interest: accumulated interest between closing day and first payment.  Property tax impounds, Recording fees,  Sub-escrow fee: title insurance company charges this. Tax service fee: monitors payment of property tax.  Title insurance: for clear title to the property.  Underwriting fee, Up front mortgage insurance premium,  VA funding fee: paid to the VA for guaranteeing your loan.  Warehousing fee: the cost of a “warehouse” line of credit.  Wire transfer fee: Funds transfer from one account to another.