A Breakdown of Your Closing Costs

MY JOB IS TO TRY TO GET THE SELLER TO PAY

AS MANY OF THESE COSTS FOR YOU AS WE CAN!

Allowable Seller Credits can vary based on loan type.

You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home. But before you get the keys, there's one more step--the closing.

Also called the settlement, the closing is the process of passing ownership of a property from the seller to the buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It's the fees associated with the closing that many times remain a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.

As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government-imposed. Make sure you consult a real estate professional in your area to find out which fees--and how much--you will be expected to pay during the closing of your prospective home. Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay all of the settlement costs. 

Although many of the fees may vary by locality, here are some of the common fees.