Closing Cost

Closing cost

  • All 3rd party fee to be paid before closing include real estate, loan and misc. fees.
  • Agent commission normally paid by Seller.
  • Always ask your agent or escrow office upfront, write down the numbers to avoid  payment-shock  or short-of-funds
  • Closing cost is negotiable between seller and buyer and might variable case from case
  • Generally we will follow common sense, local custom rules and mutual agreement to allocate closing cost.

Who paid what?

Wonder who paid what part of Closing Cost in your target county, check here!

What’s covered by no point no fee?

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Typical closing cost in California

Items

Amount (Estimate)

Category

Paid By

Type

Notes

Loan Origination Fee (optional)  0-2% Loan Related Borrower or By Contract

Points (optional)

 0-2%

Loan Related

Borrower or By Contract

Buyer cost

Tax deductible

Appraisal Fee

$400+

Loan Related

Borrower or By Contract

3rd party fee

Fee varies. Appraiser normally sent by lender

Credit Report

$25+

Loan Related

Borrower or By Contract

3rd party fee

 Depend on # of borrower & whether need supplementary reports

Processing Fee

$500/550+

Loan Related

Borrower or By Contract

Depend on 1 loan or 2 loan

Lender Fee

$750-1000+

Loan Related

Borrower or By Contract

Include lender Underwritten (UW) cost, tax / flood cert fee etc.

Depend on lender

Wire fee

$25+

Loan Related

Borrower or By Contract

3rd party fee

Escrow Fee

$400 for refinance or Varies for purchase loan

Real Estate Related

Different county different, either seller or buyer

3rd party fee

Depend on Escrow

Doc Prep Fee

$100-200

Loan Related

Borrower or By Contract

3rd party fee

Depend on title

Notary Fees

$20-$175

Loan Related

Borrower or By Contract

3rd party fee

 $10 per notary sigiture, Mobil notary $125-175

Owner’s Title Insurance

Varies in different state/county, $1500+

Real Estate Related

Mostly Seller or Buyer Depends on County

3rd party fee

Depend on County

Lender’s Title Insurance

$600-2000 dependson loan amount

Borrower or By Contract

3rd party fee

Depend on title

Endorsement

$25 or actual cost

Loan Related

Borrower or By Contract

3rd party fee

Depend on title

Courier

$30 or actual cost

Loan /Real Estate Related

Borrower or By Contract

3rd party fee

Recording Fee

actual cost around $150

Loan / Real Estate Related

Borrower or By Contract

3rd party fee

City Transfer Tax*

$0 or Varies in different state/county

Real Estate Related

50/50 or Seller

3rd party fee, Paid by Seller or Buyer

Depend county/state

County Transfer Tax *

$0 or Varies in different state/county

Real Estate Related

Mostly by Seller

3rd party fee, Paid by Seller or Buyer

Depend county/state

Loan Tie-in

$0 to $150

Loan Related

Borrower or By Contract

3rd party fee

Depend on title

Home Warranty

$350+

Real Estate Related

Mostly by Seller

3rd party fee

Inspection/Reports Fee

$650+

Real Estate Related

Some by Seller, Some by Buyer

3rd party fee, termite/property/roof/chimney/pool/foundation /environment disclosure etc.

Depends contract/buyer

Prorated Tax/Insurance/Interest/HOA

 Actual cost prorated daily

Buyer/Borrower

HOA Transfer Fee

$250+

Seller or By Contract

3rd party fee

Depends contract

HOA Certification Fee

$100+

Loan Related

Buyer/Borrower

How to get closing cost estimation?

  • Ask your real estate agent what can be potential closing cost like inspection reports fee and repair fee etc.
  • Once start escrow, ask title or escrow company for a free fee estimation for all title, escrow, city and county related costs.
  • Before apply for a loan, ask for a good faith estimate from the mortgage broker for loan related costs.
  • Before signing final papers,  ask for an estimated HUD1 (also called estimate settlement statement) from title/escrow company which will list all estimated closing costs.
  • Ask your real estate and mortgage broker to help you review.
  • After closing, check and verify the final HUD1  (also called final settlement statement) sent by escrow company which will list all your actual cost include prorated interest, tax and insurance.