Wondering how much closing costs on your mortgage will run you? See below for detailed descriptions.

 

Appraisal Fees: Appraisal fees are approximately $400.00.

MA Real Estate Property Tax Escrows: 3-6 months’ tax & insurance escrows are typically required by the lender, depending upon several variables. This 3-6 months of tax funds are held with the lender who will pay your tax bill on your behalf.

Example: Purchase Price = $400,000     Property Taxes Annually = $6,000

Home Owners Insurance: The lender will require the 1st year’s insurance premium paid in full prior to closing. Typically the lender will also require 3 months of insurance premiums to be held in escrow, also paid at closing.

Lender’s Fees: These can consist of several different items and are somewhat subjective upon buyer’s down payment, credit score, type of loan requested, work history, etc. Lender’s fees could consist of loan points, document preparation, underwriting & processing, etc. They are usually prorated with the loan amount.

Title Company or Attorney Closing Costs: Typically between $800.00 – $900.00. This fee covers title search & closing document preparation.

Deed Recording Fees: $400.00 – $500.00

Home Inspection: $350.00 – $850.00 depending on several variables such as property type, septic, water, radon, etc.

Buyers Agent Fee: Often times the Buyers Agent/Agency fee is paid by the Seller from the proceeds of the sale. Occasionally the Buyer is responsible to cover a portion of the Buyers Agency fee. Sometimes, this fee can be negotiable, and can range from .25% to 3% of the purchase price.

 

Estimated Closing Costs Provided to you by:

Amanda Kourafas, Senior Loan Officer – NMLS # 39560

617.633.5364

Amanda.kourafas@nemmortgage.com