Closing Costs - What to Expect
Posted on 15 August, 2015One of the most overlooked aspects when budgeting for a mortgage is the cost it takes to close the purchase, in other words the fees that are incurred when the title to the property is transferred to you. Closing costs are estimated to be between 1.5% to 3% of your total mortgage. Some of the more common closing costs include:
- Legal fees
- Appraisal fees
- Property tax adjustment
- Interest adjustment
- Title insurance
- Fire insurance
- Mortgage default insurance premium
- Home Inspection
- Survey
- Utility connection charges
Although the amount of closing costs depends on your specific situation, you should always be sure to budget ahead of time to avoid any surprises once your mortgage is finalized.
