Thinking of buying a home in the Charlotte or surrounding areas? Wondering how much money you should be saving and putting aside for closing costs?
Below is an estimated breakdown of the closing costs and the amount you should expect to pay. Based on the type of loan you get, your down payment, and the purchase price of your home, these amounts will change; therefore, it is especially important to check with your lender and closing attorney for the final numbers.
|Lenders Service Fee||$900-$1400||Covers the cost of underwriting services & processing; cost to do the loan.|
|Appraisal||$400-$500||Varies based on the property type|
|Tax Transfer Fee||$10-$12|
|Daily Interest||Varies||Interest the mortgage company charges you from the day of closing until the end of that month|
|Hazard/Property Insurance||Varies||Home Owners Insurance; protection of your home against damages|
|Mortgage Insurance||Varies||Only applies to certain loans. Protects lenders from the risk of default/foreclosure|
|Title Insurance||Varies||Fee for the lender’s title policy, insuring the lender’s lien position.|
|Deed and Mortgage Recording||$26-$150|
|Home Inspection||$300-$1000+||Based on the property.|
|Pest/Termite Inspection||$75-$125||Based on the Property.|
|Survey||Varies||Based on the property.|
|HOA Transfer Fees||Varies||Based on the property and if it is in an HOA community.|
This information is provided without obligation or guarantee and is not meant to be a Good Faith Estimate. It is for informational purposes only.
**Please note these are estimates and we cannot be held liable for any errors.**