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WHAT CLOSING COSTS ARE ALL ABOUT Appraisal Fee: This is a one time fee that pays for an appraisal for the lender. The appraisal is made by an independent fee appraiser. Credit Report Fee: This one time fee covers the cost of the credit report that is run by an independent credit reporting agency. Document Preparation Fee: There may be a separate fee that covers the preparation of the final legal documents, including the note and deed of trust. This is a one time fee. Escrow Fee: Fee charged by the escrow holder to handle funds and documents of buyers and sellers. Home Warranty Plan: Optional warranty package that pays for repair/replacement of home's major systems and appliances. Inspection Fees: Fees charged for various inspections of said property. Loan Origination Fee: This fee covers the lender's administrative costs in processing the loan. A one time fee often expressed as a percentage of the loan. Notary Fees: Fees charged by Notary Public to notarize signatures. Prepaid Interest: Depending on the time of month your loan closes, this charge may vary from a full month's interest to just a few days. If your loan closes at the beginning of the month, you will probably have to pay the maximum amount. If your loan closes at the end of the month you will only have to pay a few days' interest. PMI Premium: Depending on the amount of your payment, you may be required to pay an up-front fee for mortgage insurance, which protects the lender against loss due to foreclosure. You may also be required to place a certain amount for PMI into a special reserve (impound) account held by the lender. Recording Fees: Fees paid to county to record documents. Taxes and Hazard Insurance: Depending on the month you close, you may be required to reimburse the seller for property taxes. You will also need to pay for an entire year's hazard insurance premium up front. In addition, you may also be required to place a certain amount for taxes and impounds into a special reserve (impound) account held by the lender. Title Insurance Fees: There are two title policies. A lender's policy which protects the lender against loss due to defects in the title. A buyer's policy which protects the buyer. There are both one time fees.
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