Closing costs for Buyers

Common Closing Costs for Buyers

The lender must provide a good faith estimate of all costs associated
with the closing. A good rule of thumb in Texas is, your closing costs not
including your down payment are around 2% of the purchase price. Since
most of the fees are based on the sales price of the home, the closing
costs will fluctuate with the sales price. The Title Company or other
entity conducting the closing will tell you the required amount for:

1. Down payment
2. Loan origination fees
3. Points, or loan discount fees, you pay to receive a lower interest rate
4. Appraisal fee
5. Credit report
6. Private mortgage insurance premium
7. Insurance escrow for homeowners insurance, if being paid as part of
the mortgage
8. Property tax escrow, if being paid as part of the mortgage. Lenders
Keep funds for taxes and insurance in escrow accounts as they are paid
With the mortgage, then pay the insurance or taxes for you.
9. Deed recording fees
10. Title insurance policy premiums
11. Survey
12. Inspection fees—building inspection, termites, etc.
13. Notary fees
14. Prorated fees for your share of costs, such as utility bills and property taxes