One of the most overlooked aspects when budgeting for a mortgage are the closing costs, which includes the fees that are incurred when the title to the property is transferred to you.

Closing costs are estimated to be between 1.5 percent to 3 percent of your total mortgage.

Some of the more common closing costs include:

  • Legal fees ($1200-$1500)
  • Appraisal fees ($250-$600)
  • Property tax adjustment (please confirm this amount with your Lawyer)
  • Interest adjustment (please confirm this amount with your Lawyer)
  • Title insurance ($200-$300)
  • Fire insurance ($500-$1500)
  • Home Inspection ($300-$400)
  • Real Property Report (you may be able to obtain a copy from the previous home owners)
  • 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. To discuss closing costs and budgeting for your mortgage in more detail, contact us today.

Get in Touch

Someone from our office will personally get in touch with you within 1 business day.

Current Rates

as of November 19th, 2017

2.641 Year
2.542 Year
2.843 Year
2.994 Year
2.975 Year
3.447 Year
4.0910 Year
2.29ARM/Variable
3.70HELOC
Innovative Mortgage
Nov 07We are answering the most frequently asked questions starting with "What is a Mortgage Broker?" Stay tuned each wee… https://t.co/i2vxxlCOwlFollow Innovative Mortgage
Contact Us Today

Closing Costs

Our team can help you budget for your closing costs

Contact Us Today