So, you've been paying your mortgage for years and years, and finally the end is in sight. 

Then, BOOM! 

It hits you – you’re reminded that you need to pay closing costs as you finish up your loan. 

Now you have all of these legal and administrative fees that you’ll need to pay off before your house is rightfully yours.  

What a bummer. 

Here’s what may be taken into account when the closing costs are being decided:

• A survey fee paid to verify property boundaries
• A flood certification fee to ensure the property is not in a flood zone
• The title search fee to check the history of the property, ensuring there are no legal claims on it
• Attorney costs associated with closing the loan
• Recording and transfer costs—a fee paid for recording the purchase of your home
• Loan preparation fees, being a percentage of the overall loan amount
• Escrow accounts, including private mortgage insurance (PMI), homeowner’s insurance, and property taxes

A lot goes into buying a house, so make sure you do your research and prepare yourself – with enough planning, you too can own the home of your dreams!

And if you need some help with the planning process or want some additional tips about paying off your mortgage, just shoot us an email or give us a call.

We’ll be happy to help you out :)