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Typical Home Purchase Costs



Attorneys' fees 

Homeowners insurance - Proof of current policy is necessary at the closing, as well as a receipt of payment of the first year's premium. 

Interest on the loan - Interest covering the period from date of closing until the end of the month. 

Loan application fee - This fee, collected at time of loan application, pays for the credit search and appraisal. 

Loan origination fee - This is a one-time fee, charged by the mortgage broker to cover origination and processing cost. 

Pest inspections - These inspections can be very reasonable and are a good investment for peace of mind. 

Points - Expressed as a percentage of the loan amount, the charges are part of the mortgage broker's fees. 

Recording fees - The Buyer pays the fees for legally recording the new deed and mortgage. 

Survey fees - Lenders sometimes require a site survey showing the location of the house and the boundaries of the property, as well as easements and rights of way. 

Title insurance - Lenders often require this insurance, the cost of which is paid by the Buyer. (See Title Insurance explanation.) 

"Whole-house" inspections - Few buyers would consider purchasing this size investment without the advice of a qualified contractor.