Many first-time buyers ask me what they can expect when it comes to closing costs. I have complied a brief list of some of the more common expenses.
Downpayment - (lenders have tightened their requirements recently, many times requiring a higher downpayment than in the past)
Appraisal fee - (sometimes this is wrapped in the loan closing fees)
Credit report
Inspection fees
Recording fees
Title insurance policy
Prorated condo fees
Private mortgage insurance premium
Insurance
A good faith estimate from a lender will assist you in comparing lender settlement charges. However, many charges and fees may not be included. It's best to work with an agent that can help guide you through this process. Loan fees vary dramatically and your agent is the best resource in finding a lender.
