Although we’ve done a lot to de-mystify closing costs with our Understanding TRID guide, you may be curious about what to expect at the closing table.
If you’re buying, there are several items you’ll see on the happy day you close on your new home! Zillow lists these:
- Title Appraisal fee
- Origination Fee
- Prepaid interest
- Prepaid insurance
- Flood Certification fee
- Tax servicing fee
- Credit report fee
- Bank processing fee
- Recording fee
- Notary fee
- Insurance
Does it seem like the buyer is getting the short end? Not exactly – according to Zillow Porchlight, sellers have fewer items but, as Brendon Desimone writes, “the seller generally bears the biggest brunt of the fees”, namely real estate commission, the balance of the property taxes, and prorated homeowners association dues.
The good news is, some cost sharing of these fees are negotiable, so ask your SMC mortgage banker!
Source: http://www.zillow.com/blog/who-pays-closing-costs-140343/