Be prepared and know who’s responsible for the variety of fees and expenses at the closing table. Use this worksheet to keep track of your closing costs.
|BUYER COST||SELLER COST||OTHER|
|Points paid to receive a lower interest rate|
|Mortgage insurance premium|
Escrow for homeowner’s
(if paid as part of the mortgage*)
|Property tax escrow (if paid as part of the mortgage*)|
|Title insurance policy premiums|
|Proration** for your share of costs (such as utility bills and property taxes)|
*Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
** Because such costs are usually paid on either a monthly or a yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way to even out bills sellers may have paid in advance, or that you may later pay for services they used.
In addition to keeping track of your closing costs, check here for government resources that will assist with paying at closing. Closing costs can add up quickly.