Typical Buyers' Closing Costs
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Typical Buyers' Closing Costs

Plainfield Real Estate Law Firm

Some or all of the following may be charged by a lender.  The amounts will vary and in some cases are not reasonable.  The term “points” refers to a percentage point of the loan and is often identified as an origination or service fee.  Points are more customary with the refinance of a mortgage, buying down the interest rate or when the borrower has poor credit history.

  1. Lenders Charges- which of the following charges assessed and the cost varies significantly between lenders

    1. Processing Fee
    2. Appraisal Fee
    3. Credit Report
    4. Application Fee
    5. Underwriting Fee
    6. Loan origination Fee/Loan Service Fee
    7. Flood Certification Fee

  2. Title Insurance

    The buyer purchases title insurance for his/her lender.  Cost range $75 to $500.

  3. Private Mortgage Insurance

    When the mortgage is larger than 80% of the property value, private mortgage insurance may be required.

  4. Closing Fee

    Title companies charge to handle paperwork for buyer’s lender and to act as a funds transfer agent.  Usually based on sale price.  Cost range from $300 to $750.

  5. City Transfer Tax

    Based on sale price.  The municipal ordinance will identify who pays the city transfer tax.  The parties, however, may contract to the contrary.  The following are examples of municipalities whose ordinance establishes that the transfer tax be paid by the buyer:

    • Naperville $3/$1,000
    • Chicago $7.50/$1,000
    • Bolingbrook $7.50/$1,000 (split between buyer and seller)
    • Wheaton $2.50/$1,000
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