Typical Buyer Closing Costs

Buyer closing costs
When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include:

• The down payment
• Loan fees (points, application fee, credit report)
• Prepaid interest
• Inspection Fees
• Appraisal
• Mortgage Insurance
• Hazard Insurance
• Title insurance
• Documentary stamps on the note

Although closing costs are due in cash at closing, sometimes they can be folded into the mortgage, or if agreed to in the contract, the seller may pay for some of the buyer's closing costs.