Understanding Recurring and Non-recurring Closing Costs. There are two types of costs or expenses in an escrow: the recurring costs and the non-recurring costs. This chart will define and give examples of both types. Recurring Costs
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Seller Closing Costs. The seller’s closing costs vary depending where you live, and typically run anywhere between 6-10% of the home’s sale price. These fees are deducted from the sale proceeds, so in most cases, sellers do not have to bring any money to the closing table.
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Closing Costs Explained from The Rullo Team Real Estate and homes for sale in St. Charles, Geneva, Batavia Illinois.
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Application Fee: Covers the cost of application and the appraisal (nonrefundable). attorney fee: preparation of the paperwork by our closing attorney. Completion Inspection Fee: Fee charged if the bank has to return to the property after the appraiser has been there to re-inspect. MGIC: A company which writes insurance that protects the mortgage lender against loss in the event of borrower.
You can probably work up estimated closing costs for your loan by looking at this guide as it pertains to your specific situation. Closing costs average about 1-5% of the loan amount. That estimate can vary widely depending on the loan amount, mortgage type, and area of the country in which you are buying or refinancing.
As you probably know, lenders don’t charge a standard closing cost (whether it is a purchase or refinance transaction); instead, they charge you based on your circumstances and your location. On average, refinance closing costs range from 3 percent to 6 percent of your loan amount (again, depending on your location and your lender).