· Property taxes (to cover the tax period up to that date)
· Loan origination fees (this covers the lenders expenses)
· Recording fees
· Interest (paid from the date of closing to the 30 days before first payment)
· First premium of mortgage insurance
· Title insurance
· Survey fees
· First payment to the escrow account for future taxes and insurance
· Loan points (a “point” is a fee that equals 1% of the loan amount. They enable you to secure a lower interest rate for the mortgage.)
· Home inspection fees (if you choose to have an inspection)
· Any additional preparation fees.
During the closing, details of the sales contract will be explained to you. If everything meets your approval, you will sign all of the contracts to finalize the deal.