![]() Property tax: Generally, at closing your lender will also want you to pay any taxes that are due within 60 days of the purchase.At closing, you’ll pay the first month’s payment if this insurance requirement applies to you. ![]() Private mortgage insurance payment: Unless you’ve made a down payment of at least 20 percent, you may need to pay private mortgage insurance.This is because repairs for termites or dry rot can be quite costly. In some states and for government loans, this inspection is required. Pest inspection fee: As with a home inspection, you may want to schedule a pest inspection.In some cases, lenders offer home loans with no origination fee. Loan origination fee: The origination fee covers the administrative costs incurred by the lender and is typically about one percent of the loan amount.Homeowners’ insurance: This insurance covers potential damage to your house, and you may be required to pay for the first year of that insurance upfront at closing.If repairs are required, you can use that information to negotiate a lower price from the seller. An inspector will notify you if any home repairs are needed. Home inspection: Before closing on a home, you’ll want to schedule an inspection to ensure the property you’re about to purchase is in good condition.It is not always available, but you can ask your lender about it. Discount points: This expense is paid upfront if you want to get a lower mortgage rate.Deposit for mortgage insurance and property taxes: You may be asked to put down a total of two months’ worth of mortgage insurance payments and property taxes at closing.This fee covers the cost of pulling a credit report, which ultimately determines the interest rate you’ll pay on your loan. ![]()
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