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.