What closing costs should you expect?
There are certain expected costs associated with closing the sale of a house. These expenses are usually divided between the buyer and seller, as spelled out in the sales contract. Many are conventional, but there are nuances to each, so you’ll want a real estate expert in Oklahoma to help guide you through your process.
Loan-related closing costs
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes commonly paid at closing
This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the buyer occupied the property.
Transfer Taxes and Recording Fees
This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.
Insurance fees due at closing
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Sellers: As we negotiate your sale, I’ll not only work to get the very best sales price, but I’ll also campaign for limited closing costs. And once we’ve reached an agreement, I’ll fully explain the closing costs so you know exactly what you’re paying for.
Buyers: If you’re buying a home in Comanche County, you will receive a “Loan Estimate” (LE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer’s prior experience and is required to be within a tolerable range so you’re not stunned when you come to closing time. I’ll be willing to go over the LE with you, answering your questions and highlighting any estimates that appear to be out of the ordinary.