What is included in closing costs?

Closing costs include lender fees (origination, underwriting, processing), title fees and insurance, appraisal and inspection costs, government recording fees and property transfer taxes, prepaid homeowners insurance and property taxes, and escrow cushion funds. The exact costs depend on your loan type, property location, and lender.

Who pays closing costs, the buyer or seller?

Buyers typically pay most closing costs, but the sales contract can specify that the seller pays some or all of them. This is negotiable in the purchase agreement. Some loan programs may have limitations on how much sellers can contribute toward buyer costs.

Can closing costs be waived or reduced?

Government fees and recording fees cannot be avoided, but some lender fees may be negotiable or waived depending on your loan type and circumstances. You can ask the seller to cover certain costs in your purchase agreement. Review your loan estimate and ask your lender which fees are fixed and which might be flexible.

When should I review my closing costs?

Review your loan estimate when you receive it within three days of applying and ask questions about any fees you do not understand. Request your Closing Disclosure at least three days before closing and compare it carefully to your estimate. Do not sign at closing until you understand and agree with every charge.

Do closing costs differ by loan type?

Yes. FHA loans include an upfront mortgage insurance premium. VA loans may include a funding fee. Jumbo loans and specialized programs may have different fee structures or higher charges. Refinances typically cost less than purchase closings because they involve fewer services and no title insurance or property transfer taxes.

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