Like in any business deal, closing a real estate deal comes with a few extra costs on top of the price for the property itself. It would do you well to familiarize yourselves with these fees so that you do not get blindsided once you close that deal.
Real Estate Closing Fees
The very moment you take out a mortgage loan, you will be slapped with an origination and underwriting fee. This is to cover the cost processing your loans and researching your eligibility to take on one. Applying for a loan usually comes with a credit report, so you will also have to pay for one.
After that, you will have to get an appraisal and a home inspection to determine the value of the property. This also usually comes with flooding determination and pest checks that have their own separate rates.
Of course, by the time you actually buy the house, you will still have to deal with other fees. This would include the document preparation costs, owner’s title insurance, on top of the notary and lawyer’s fees. Of course, you will also have to pay the property tax and the real estate commission once the sale has been finalized.