Typical Closing Costs for Grand Rapids Buyers
If you are considering purchasing a home, you should know what
fees and expenses you will be responsible for. These costs should be
disclosed in your good-faith estimate of all settlement costs. These
expenses are typically due at the closing. Your title company or other
entity conducting the real estate transaction’s escrow or closing will tell
you the required amounts for:
· Down payment
· Loan origination
· Points, or loan discount fees, which you pay to receive a lower interest rate
· Home inspection
· Appraisal
· Credit report
· Private mortgage insurance premium
· Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
· 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.
· Deed recording
· Title insurance policy premiums
· Land survey
· Notary fees
· Proration for your share of costs, such as property taxes or utility bills
More information for West Michigan Buyers
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The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263