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Closing Costs

Any questions pertaining to loan fees and charges should be directed to your loan officer. Your Escrow Officer will review and explain your settlement statement at closing. The following is designed to help you understand some of the costs associated with closing and to show you cost saving policies offered through Magnus Title Agency.

SOME TYPICAL CLOSING COSTS TITLE INSURANCE PREMIUM
Fee paid by an individual to insure the buyer has a marketable title and the lender is in lien position.

REAL ESTATE COMMISSION
Fee paid to real estate broker for services rendered in listing, showing, selling, and consummating the transfer of property.

TRANSFER/ASSUMPTION CHARGES
Fee charged by the lender to allow a new purchaser to assume the existing loan. Recording fees are assessed by the County Recorder's Office to record document of a real estate transaction.

LOAN FEES
Fees charged by a lender in connection with the processing of a new loan. These may include points, origination fee, credit report, appraisal, etc.

ESCROW FEES
Fees charged by an escrow agent for services rendered in preparing documents and collecting/disbursing funds necessary to consummate a real estate transaction.

ADDITIONAL SETTLEMENT CHARGES
Taxes, insurance, impounds and interest prorations, termite inspection fee, home warranty, Homeowners Association transfer, etc.

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