Closing Cost Estimator
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The closing, also known as the settlement, is the process of passing ownership of the property from the seller to the buyer. As a home buyer, you will sign multiple documents, as well as present a check for the down payment and closing costs. The closing costs are the fees associated with closing, and can often be overlooked – blindsiding you for thousands of dollars. As a responsible Indianapolis home buyer, however, you should be familiar with these various closing costs.
Loan Discount: This is a one-time fee charged by the mortgage lender if you choose to pay point to lower your interest rate. Each point is 1% of the mortgage amount.
(Loan) Origination Fee: This fee covers the mortgage lender for loan evaluation, preparing, processing, and handling. The fee is typically 1% of the total mortgage.
Credit Report Fee: Mortgage lenders require a credit report to determine whether or not you are eligible for a loan, how much they will lend, and at what interest rate. This fee covers the cost of the credit report, and is paid at the time of the formal loan application.
Appraisal Fee: In order to approve your loan, your mortgage lender has to obtain an estimate of what your Indianapolis home is really worth. This fee covers the cost of an independent appraisal of the home you want to purchase. You may already have paid this fee at the beginning of your loan application process.
Title Insurance: The mortgage lender requires the borrower to purchase a title insurance policy to protect the lender against title defects that could affect the loan. These fees generally include the cost for the title search, title examination, title insurance, document preparation, and various other title fees.
Recording Fee: This small expense is charged by the government for recording the purchase documents in the county records, and transferring ownership of the property.
PMI Premium: Depending on the financing lender and the amount of your down payment, a lender can require you to pay a fee for mortgage insurance. This will protect the lender against loss due to foreclosure. Typically, once a borrower has 20% equity in the property, they can apply, or ask, to eliminate the insurance.
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