Mortgages typically come with closing costs, which are fees related to the purchase of the home. These are paid to lenders and third parties, and are typically paid when you close on your mortgage. For most loans, the home buyer pays the closing costs. However, it can be arranged in the purchase contract to have the seller pay for a portion or all of your closing costs.
How Are Closing Costs Determined?
Closing costs can vary depending on where you live and the home you purchase. However, closing costs for mortgages typically include fees such as:
- Appraisal fee
- Credit report fee
- Attorney fee
- Title insurance, which protects you and the lender in case the title isn’t clean
- Title search fees, which pay for a background check on the title to make sure there aren’t things such as unpaid mortgages or tax liens on the property
- Flood certification, to determine if your property is located in a flood zone.
- Home inspection and pest inspection fees
- Recording fee, which is paid to a city or county in exchange for recording the new mortgage and deed
- Underwriting/commitment fee, which covers the cost of processing and evaluating a mortgage loan application
- Discount points, which are fees you pay in exchange for a lower interest rate
- Survey fee, which covers the cost of verifying property lines
- Loan origination fees, which some loan officers charge to originate a loan (Integrated Funding does not charge origination fees on 99% of its loans)
Call Our North Raleigh Mortgage Advisors to Learn More about Closing Costs & Fees Related to Mortgages
Still have questions about closing costs? Contact the mortgage advisors at Integrated Funding today to find out more about obtaining a mortgage and what your closing costs may look like. Whether you are interested in purchasing a home or refinancing, we’ll work with you to find a custom-fitted mortgage solution in the Raleigh, Charlotte, Wilmington and beyond.
Integrated Funding is proud to offer guidance and assistance with mortgages, closing costs and fees in the North Hills area and throughout Raleigh, Cary, Apex, Wake Forest, and surrounding areas of North Carolina including Wilmington & Charlotte.