Settlement Fees

Settlement Fees

Remember when purchasing a home that not only are you required to have a certain down payment depending on the type of loan you are acquiring but you are also required to have the closing costs.  The closing costs can vary depending on the amount of taxes and if you escrow them, the home owner's insurance and if you escrow that and the price of the home.

Based on a 200,000 house with yearly taxes of $2800.00 and you are purchasing in Phoenixville, escrowing taxes and home owner's insurance your closing costs would consist of 1% transfer tax (1% buyer and 1% seller), approximately $2800.00 in taxes (you are reimbursing the seller for taxes they have already paid that will benefit you and then escrowing with the mortgage company so that when your yearly bill arrives you have enough money in the escrow account to pay that bill); you will also escrow for your homeowner's insurance in addition to paying one year in advance, title insurance of about $1300.00, 3 endorsements which will be $150.00 and you will have to pay the fees for the mortgage lender.

These amounts vary if you are moving into a condo/home owner's association as you will be required to pay for one more endorsement at $50.00, the monthly condo fee as well as a one time capital contribution to the management company.  However if it is a condo you will be required to carry content insurance instead of homeowner's insurance.

Your mortgage lender and your Realtor will provide you with a good faith estimate to show you exactly (or very close to) the amount needed for closing.  For more information contact me at 610-999-7693 or Sellinghomesjenn@aol.com.  View all available homes at www.JenniferDaywalt.remax.com or www.JenniferDaywalt.com.

 

Jennifer Daywalt, Realtor

Re/Max Results Realty

Licensed in PA since 2001

Top Realtor 2004, 2005, 2006, 2007, 2008, 2009

Author of "Ask the Realtor" in the Phoenix

Phoenixville's Home Town Realtor

610-489-7355 Main Office

610-999-7693 Direct Line

610-482-9623 Direct Fax