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Closing Costs
Your Loan Representative or Mortgage Broker- Your mortgage broker or loan representative will process your loan application and secure your financing so you can close the deal. The lender who actually loans you the money pays the mortgage broker a small percentage of the loan. That cost is passed onto you, the borrower, through the cost of your loan.
The Appraiser- By estimating the home's market value, the appraisers makes sure you have not agreed to pay more than the home is worth. They usually receive $200 to $400.
The Home Inspector- A home inspector will examine the house looking for defects and problems. These problems could be items of negotiation with you and the seller. Inspections take up to 4 hours and inspectors charge anywhere between $200 to $500.
Pest-control Inspector- The pest control inspector will look for damage caused by termites or other pests, as well as fungus. Pest-control inspectors charge between $75 and $225 plus the cost of repairs.
Closing Company- The escrow company is a neutral party that holds all documents and funds until obligations by all parties are met. After obligations are fulfilled, the escrow company distributes the funds and the documents. Escrow companies charge $400 or more.
Title Insurer- The title company investigates the previous ownership of the home to make sure no one has any legal claims against the selling of the house. They insure your title so that if any claims arise in the future ownership will be protected. Title insurance can be anywhere between $700 and $2000. It is a one-time payment at closing.