Closing Expenses

Below are estimates for Georgia & Alabama.  An actual breakdown of fees will be provided.

What are Closing Costs? Closing costs are the cost of creating and closing the loan, which include the appraisal, title, insurance, attorney, lender, county, and city fees.  

What are Pre-Pays? Funds collected at time of closing for future payments.  The typically include:  on-year's home owner's insurance policy, days of interest for the month of closing, and funds to populate your escrow accounts for taxes and insurance.

 

Conservative Estimates:

 

   Price           Closing Cost     Pre-Pays
$100,000............... $5,000............. $1,600
$125,000............... $5,300.............. $1,800
$150,000............... $5,800.............. $1,900
$175,000............... $6,200.............. $2,000
$200,000............... $6,500............. $2,100
$225,000............... $6,900.............. $2,200
$250,000............... $7,300.............. $2,500
$275,000............... $7,700............... $2,800
$300,000............... $8,000.............. $2,900
$325,000............... $8,300.............. $3,200
$350,000............... $8,800.............. $3,300
$375,000............... $9,200............... $3,600
$400,000............... $9,800............... $3,800
$450,000................$10,000............. $4,000

 

What do You Pay for?

  • Earnest money.  This is good faith determined in negotiations with your offer.
  • Appraisal fee which is collected by my staff for the appraisal management company. See "Appraisals" for price estimate.
  • Home inspection (if you elect to have one), estimate cost $300 to $450.
  • At closing there are four things paid:
    • Down payment – minimum amount is determined by the loan type chosen.
    • Closing costs – the actual cost of closing your loan, includes:  title, attorney, lender, state, and county fees.  You will receive a loan estimate which is a conservative estimate of all closing fees.
    • Pre-pays - fees that you pay in advance, i.e.: days of interest of month you close, and one-year home owner’s insurance policy.
    • Escrows - An account that holds funds for the purpose of paying homeowner's insurance and property taxes when the bills come due.
  • You will receive credits at closing:  
    • Your earnest money.
    • Seller concession agreed in your contract.
    • Lender credits if applicable.
  • Turn utilities on before closing.
  • Moving expenses.