Closing Costs

Closing costs are the settlement fees paid by purchasers upon receipt of their loan from their bank. The general closing costs are between 2-7% of the total loan value. The Real Estate Procedures Closing Act (RESPA) requires that lenders and mortgage brokers give buyers a Good Faith Estimate of all loan-related expenses due at closing. However, these estimates do not guarantee actual mortgage closing costs.

In North Carolina the average closing costs on a property that is $200,000 is as follows:
          Average origination fees charged by lender:                            
          Average title and third-party fees:                                   
          Average Total Fees:                                                           

Some of the items that could be included in your closing costs are as follows:

 

                            

 

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Application Fee

Appraisal

Attorney Fees

Assumption Fee  

Broker Fees

Credit Report

Document Preparation

Prepaid Interest

Processing Fee

Tax Service

Title Insurance

Title Search

Underwriting

Wire Transfer​

 

Employment Verification

Flood Certification​

Inspections (pest, radon, etc.)

Home Warranty​

​Mortgage Insurance (PMI)

Notary Fee​

Points

 

$ 1,642

$ 1,894

$ 3,536