{"id":6097,"date":"2022-11-13T08:40:21","date_gmt":"2022-11-13T13:40:21","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=6097"},"modified":"2023-02-26T20:15:13","modified_gmt":"2023-02-27T01:15:13","slug":"when-do-you-pay-closing-costs","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/when-do-you-pay-closing-costs\/","title":{"rendered":"When Do You Pay Closing Costs?"},"content":{"rendered":"

\"when<\/span><\/h2>\n

When Do You Pay Closing Costs?<\/span><\/h2>\n

Closing costs for most mortgages will be anywhere from 2%-5% of the purchase price. The majority of the closing costs are paid on the day you purchase the home, but there are some items that must be paid in advance.<\/span><\/p>\n

Closing Costs that are Paid Before Closing<\/strong><\/span><\/h3>\n

The majority of the closing costs are paid the day of your closing. However, there are a few items that will need to be paid a few weeks prior to closing. The are as follows:<\/span><\/p>\n

Appraisal<\/strong> \u2013 Expect to pay for your appraisal via credit card before the appraisal is done. The fee will be anywhere from $350-$500 depending upon your location and size of the home. Multi family homes will cost more. Appraisal fees will not be reimbursed if for some reason you do not purchase the home.<\/span><\/p>\n

Home Inspection<\/strong> \u2013 A home inspection is optional but recommended in most cases. With an FHA loan an inspection is mandatory. You will pay for this when the inspection occurs. The cost of a home inspection is anywhere from $300-$450.<\/span><\/p>\n

Homeowner\u2019s Insurance<\/strong> \u2013 If you are getting a mortgage to help purchase the home, your lender will require you to pay for a homeowner\u2019s insurance policy one year in advance. This will need to be done prior to closing.<\/span><\/p>\n

Closing Costs that are Paid the Day of Closing<\/strong><\/span><\/h3>\n

The remainder of the closing costs<\/strong><\/span><\/a> are paid the day of closing. The list of items below may or may not all apply to you. Your lender can provide you with an estimate immediately after you complete your loan application.<\/span><\/p>\n

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  • Application Fee<\/span><\/li>\n
  • Underwriting Fee<\/span><\/li>\n
  • Processing Fee<\/span><\/li>\n
  • Origination Fee<\/span><\/li>\n
  • Discount Points<\/span><\/li>\n
  • Attorney Fee<\/span><\/li>\n
  • Title Fees<\/span><\/li>\n
  • Title Insurance<\/span><\/li>\n
  • Credit Report<\/span><\/li>\n
  • Flood Certification<\/span><\/a><\/li>\n
  • Survey<\/span><\/li>\n
  • Wire Fee<\/span><\/li>\n
  • Courier Fee<\/span><\/li>\n
  • Recording Fee<\/span><\/li>\n
  • Tax Escrows<\/span><\/li>\n
  • Pre-paid Interest<\/span><\/li>\n<\/ul>\n

    If you would like an estimate of what your closing costs will be, then complete this short form<\/strong><\/span><\/a> and a loan officer will help you.<\/span><\/p>\n