The 3S Approach

-The Setup

-The Selection

-The Sale

Buyers' Resource Section:

1. Loan Organization Fee: This fee is usually equal to 1% of your mortgage.


2. Discount Point(s): Each point is also 1% of your mortgage.


3. Assumption Fee: Cost incurred to transferring current mortgage to your name.


4. Cost of Title Search: Mandatory to ensure you are buying the property from the current owner.


5. Lender's Title Insurance Fee:


6. Survey Fee(if Applicable): The cost of surveying your property if not done already.


7. Transfer Tax: State and/or Local taxes, stamps etc. for property transfer of ownership. This fee is sometimes split among the buyers and sellers.


8. Lender's Appraisal Fee:


9. Recording Fees: Cost of turning closing documents into public records.


10. Prepaid Mortgage Interest: Interest due between your first payment and closing.


11. Prepaid Mortgage Insurance Premium: First payment


12. Homeowners Hazard Insurance Premium: First Payment


13. Property Tax Escrows


14. Lawyer's or escrow company's fee