Buying a Home
Closings Costs 101

Mortgage Closings Costs 101: What You Need To Know

There’s nothing like finally finding the home of your dreams. It’s the perfect fit for your family, the right price and in the right location. Though you may be packed and ready for move-in day, you’ll need to finish up an important step first: closing on your mortgage.

Understanding Closing Costs

Before closing, your PrimeLending loan expert will take time to address your questions and walk you through your Closing Disclosure. Three days before your closing day, you will receive your Closing Disclosure, a detailed statement of the closing costs you will be expected to pay.  

Because no two homes, or loans, are the same, it’s almost impossible to provide a complete list of what may be included in your closing costs. The home you buy, where it’s located and the type of loan you receive will determine what your costs are – which can range from 2% to 6% of the home’s purchase price. The majority of these costs are fees charged by the lender and third parties for the services and work involved with processing and completing your loan. In most cases, closing costs are paid by the borrower.

Common Costs For A Buyer Include:

  • Home inspection
  • Appraisal
  • Attorney fee (if required)
  • Title search
  • Recording the property deed
  • Tax services
  • Credit report
  • Survey
  • Courier

Understanding what closing costs cover and budgeting for them will help to make the final steps of buying a home as smooth as possible.

Learn More

If you’re looking to gets started on the homebuying process, connect with a PrimeLending loan expert now.

Written By Vanessa Suarez