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MINT Real Estate GroupMINT Real Estate Group

Louisville Real Estate

502.365.9833

info@mintky.com

13115 Aiken Road Louisville, KY 40223

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WHAT ARE CLOSING COSTS?

You’ve found your dream home, the seller has accepted your offer, your loan has been approved and you’re eager to move into your new home. But before you get the key, there’s one more step–the closing.

Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering. As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs. It’s the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.

As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Although many of the fees may vary by locality, here are some common fees:

Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.

Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.

Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage.

Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.

Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.

PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.

Prepaid Interest Fee: This fee covers the interest payment from the date you purchases the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.

Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months worth of homeowner’s insurance premium will be collected. In addition, taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If six months have passed, eight months of taxes will be collected.)

Recording Fees and Transfer Taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property.

Make sure you consult a real estate professional in your area to find out which fees–and how much–you will be expected to pay during the closing of you prospective home. Keep in mind that you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay all of the settlement costs.

MINT Listings

Pending
Residential$347,000

9306 Norton Commons Blvd 202

9306 Norton Commons Blvd 202
Prospect, Kentucky 40059

  • 2Beds
  • 2Baths
  • 1,641Sq ft
View Listing
Pending
Residential$169,900

10403 Grafton Hall Rd

10403 Grafton Hall Rd
Louisville, Kentucky 40272

  • 3Beds
  • 1Baths
  • 1,318Sq ft
View Listing
Pending
Residential$229,900

1407 Cloverhills Dr

1407 Cloverhills Dr
Louisville, Kentucky 40216

  • 4Beds
  • 2Baths
  • 2,419Sq ft
View Listing
Active
Residential$479,000

521 Oxford Pl

521 Oxford Pl
Louisville, Kentucky 40207

  • 3Beds
  • 2Baths
  • 2,426Sq ft
View Listing
Closed
Residential$204,900

5213 Skylight Dr

5213 Skylight Dr
Louisville, Kentucky 40258

  • 3Beds
  • 3Baths
  • 2,396Sq ft
View Listing
Pending
Residential$338,000

4415 Saratoga Hill Rd

4415 Saratoga Hill Rd
Louisville, Kentucky 40299

  • 3Beds
  • 3Baths
  • 2,655Sq ft
View Listing
Pending
Residential$485,000

12515 Valley Pine Dr

12515 Valley Pine Dr
Louisville, Kentucky 40299

  • 4Beds
  • 4Baths
  • 4,296Sq ft
View Listing
Active
Residential$925,000

12910 Urton Ln

12910 Urton Ln
Louisville, Kentucky 40243

  • 4Beds
  • 5Baths
  • 3,433Sq ft
View Listing
Closed
Residential$205,000

3423 Pinnacle Gardens Dr

3423 Pinnacle Gardens Dr
Louisville, Kentucky 40245

  • 2Beds
  • 2Baths
  • 1,770Sq ft
View Listing
Closed
Residential$269,900

5422 Galaxie Dr

5422 Galaxie Dr
Louisville, Kentucky 40258

  • 3Beds
  • 3Baths
  • 2,958Sq ft
View Listing
Active
Residential$289,900

4203 Wine Cellar Ct

4203 Wine Cellar Ct
Louisville, Kentucky 40272

  • 4Beds
  • 3Baths
  • 2,002Sq ft
View Listing
Closed
Residential$299,000

3800 Debsom Way

3800 Debsom Way
Louisville, Kentucky 40241

  • 4Beds
  • 3Baths
  • 2,417Sq ft
View Listing
Active Under Contract
Residential$185,000

3123 Michael Dr

3123 Michael Dr
Louisville, Kentucky 40220

  • 3Beds
  • 2Baths
  • 1,297Sq ft
View Listing
Pending
Lots & Land$87,500

13510 Riggs Lake Ln

13510 Riggs Lake Ln
Louisville, Kentucky 40299

  • Beds
  • 0Baths
  • Sq ft
View Listing
Active Under Contract
Residential$90,000

205 Alreva Rd

205 Alreva Rd
Louisville, Kentucky 40216

  • 3Beds
  • 1Baths
  • 1,372Sq ft
View Listing
Active Under Contract
Residential$139,900

4721 S 6th St

4721 S 6th St
Louisville, Kentucky 40214

  • 3Beds
  • 2Baths
  • 1,919Sq ft
View Listing
Closed
Residential$162,500

2602 Aristocrat Pl 203

2602 Aristocrat Pl 203
Louisville, Kentucky 40299

  • 2Beds
  • 2Baths
  • 1,379Sq ft
View Listing
Active Under Contract
Residential$169,000

425 E Brandeis Ave

425 E Brandeis Ave
Louisville, Kentucky 40217

  • 2Beds
  • 1Baths
  • 918Sq ft
View Listing
Closed
Residential$470,000

1007 Glory View Dr

1007 Glory View Dr
Crestwood, Kentucky 40014

  • 4Beds
  • 3Baths
  • 2,344Sq ft
View Listing
Pending
Residential$625,000

31 Stonebridge Rd

31 Stonebridge Rd
Louisville, Kentucky 40207

  • 4Beds
  • 3Baths
  • 3,472Sq ft
View Listing
Closed
Residential$175,000

111 Pin Oak Cir

111 Pin Oak Cir
Mt Washington, Kentucky 40047

  • 3Beds
  • 1Baths
  • 1,100Sq ft
View Listing
Closed
Residential$214,900

3900 Baymeadow Dr

3900 Baymeadow Dr
Louisville, Kentucky 40258

  • 3Beds
  • 3Baths
  • 1,783Sq ft
View Listing
Closed
Residential$255,000

3301 Behr Ct

3301 Behr Ct
Louisville, Kentucky 40220

  • 3Beds
  • 3Baths
  • 2,963Sq ft
View Listing
Closed
Residential$259,000

222 Cornell Pl

222 Cornell Pl
Louisville, Kentucky 40207

  • 3Beds
  • 2Baths
  • 1,380Sq ft
View Listing
Active
Residential$89,900

3509 Lodge Ln 117

3509 Lodge Ln 117
Louisville, Kentucky 40218

  • 2Beds
  • 2Baths
  • 875Sq ft
View Listing
Active Under Contract
Residential$134,900

1231 Hull St

1231 Hull St
Louisville, Kentucky 40204

  • 1Beds
  • 1Baths
  • 720Sq ft
View Listing
Closed
Residential$214,999

441 Justin Trail

441 Justin Trail
Mt Washington, Kentucky 40047

  • 3Beds
  • 2Baths
  • 1,600Sq ft
View Listing
Closed
Residential$235,000

2204 Cottage Ln

2204 Cottage Ln
Louisville, Kentucky 40216

  • 3Beds
  • 3Baths
  • 2,981Sq ft
View Listing
Closed
Residential$345,000

103 Forest Springs Dr

103 Forest Springs Dr
Coxs Creek, Kentucky 40013

  • 3Beds
  • 3Baths
  • 3,057Sq ft
View Listing
Closed
Residential$285,900

4019 Saratoga Woods Dr

4019 Saratoga Woods Dr
Louisville, Kentucky 40299

  • 3Beds
  • 2Baths
  • 1,705Sq ft
View Listing

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13115 Aiken Road Louisville, KY 40223

info@mintky.com
502.365.9833
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