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Closing Costs
What to Know About Closing Costs
The Santalucia Team – Fairway Home Mortgage has everything you need to know about closing costs in Glendale, AZ. Closing costs are the final step before you receive the keys to your new home, paid at the end of the homebuying process.
What Are Closing Costs?
Closing costs are the expenses buyers and sellers incur for services when transferring property ownership. These expenses typically include an origination fee, property taxes, title insurance, escrow costs, and appraisal fees.
Closing costs can be thousands of dollars and vary depending on your lender, your chosen mortgage, and your home’s location. Once you apply for a mortgage, you’ll get an estimate of approximate closing costs.
How Much Cash Do I Need to Close?
The cash you need for closing includes your down payment and applicable closing fees, such as title service or underwriting fees. Closing costs can also include prepaid items for initial taxes and insurance escrow accounts.
Lender Fees
Lender fees will often include charges for processing, underwriting, and pulling your credit report. These various costs support your lender's work in evaluating your application and approving your home loan efficiently and accurately.
Title Services
Title services include title insurance and a detailed review of public records to confirm the seller’s legal ownership. These steps protect you from potential ownership disputes and help ensure a clean property transfer during the transaction.
Government Fees
Government fees cover your transfer taxes, deed recording, and other local charges. You may also prepay property taxes, insurance, or interest. Some purchase loans can include escrow accounts for future taxes and insurance payments.
Who Pays for What at Closing?
Buyers and sellers have closing cost responsibilities, but the buyer typically covers the larger portion. The Santalucia Team – Fairway Home Mortgage can help you plan accordingly, including the following information about closing responsibilities:
- Buyers usually pay the larger share of closing costs, including lender fees, title services, and government recording charges. Understanding each fee can help you stay prepared as you move into the final mortgage process steps.
- Sellers may agree to cover part of a buyer’s costs through seller concessions. These concessions can reduce out-of-pocket expenses and are often negotiated as part of the purchase agreement during the offer stage.
- Depending on the type of mortgage you choose, some closing costs may be rolled into your loan. We recommend working closely with your loan officer to explore options and review all costs well before your final closing date.
We Can Help You Close With Confidence
Closing is your final step before becoming a homeowner, so our lending team has information to make that day smoother. During closing, you’ll sign various final documents. Bring a photo ID and the proper form of payment to cover your down payment, closing costs, prepaid interest, taxes, insurance, or any other additional costs. After you complete the closing documents and all funds have been dispersed, you’ll get keys to your new home.
Your Trusted Team for Purchase Loans
The The Santalucia Team – Fairway Home Mortgage team can match you with the right purchase loan. Let’s talk about your plans and find one that works.Apply Now