When you get to close on your dream property everything becomes a little bit of a blur. Your palms are sweaty more often than not, the clicking of pens starts to irritate you a little more than usual and you’re having palpitations when your phone rings. Welcome to the life of a new homeowner-to-be. They never said it would be this way, but they also never said that you’d be killing it in the home choice department, and here we are. Here’s a look at some of the fees that you’ll be paying to close on your dream home:
Application Fee – a cost associated with submitting an application for consideration.
Appraisal Fee – a payment for the appraiser who assesses the value of the property you are trying to buy.
Discount Points – points that lower your interest rate in exchange for an upfront fee.
Loan Origination Fee – a charge assessed by a mortgage lender to process your loan. Typically, is about 1% of your loan’s total balance.
Miscellaneous Fee – this is a broad collection of fees, from repairs and finishings being changed or updated, to realtor fees. The little details could start to add up.
Recording Fee – charged by state and local agencies to register the transfer of ownership.
Title Insurance – a policy meant to protect home buyers and mortgage lenders from damages or financial losses caused by title defects or title claims.
Transfer Tax – a charge levied on the transfer of ownership or title from one entity or individual to another.
If you’re looking to get a clear title on your next property. Our Gables Title Group team is here to give you all of the support that this transition requires from contract to closing.
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