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How much money do you need to bring to the table on closing day?

Reminder: Keep your copy of the "good faith estimate" and compare it to the final list of closing costs. Question any changes or additions. Your closing agent should allow you to review the settlement form one business day before closing.

You may want to preview a sample of the HUD-1 Settlement Statement at the web site of the Department of Housing and Urban Development. The site also has other helpful information about closings and settlement.

At this point, having secured the mortgage loan, you already have paid for the loan application fee, the property appraisal and some of the down payment. At the closing, you will need to pay the balance of your down payment. There are other costs that still must be paid in order to close the sale, unless you already have arranged and paid for them. (If so, bring receipts and other documentation with you to the closing.) These costs can include:

• Title search and insurance
• Survey
• Termite or other inspections
• Homeowner's hazard insurance
• Flood insurance
• Taxes
• closing agent fees

Additional fees related to the loan:

• Loan origination fee
• Points, if any
• Private mortgage insurance (PMI)
• Balance of your down payment

Reminder: Have separate certified checks for all closing costs. Some of the costs, such as points, are tax deductible. Also, bring your checkbook, so you can write a personal check for small miscellaneous expenses such as photocopying.

Fees on a mortgage cover almost every cost associated with getting a loan. You've already encountered fees upfront for a credit report and a property appraisal.

But there are many more fees that you will be expected to pay at closing or settlement, which is generally 30 to 60 days after finalizing the sales contract. These closing costs are outlined in the "good faith estimate." The Real Estate Settlement Procedures Act requires every bank or mortgage company to give the buyer the estimate within three days of applying for the loan. It will list expenses related to inspections, taxes, title insurance and a host of other charges. You also should receive an information booklet, "Settlement Costs -- a HUD Guide."

Tip:The best approach is to get a copy of the good faith estimate before you make a commitment to any lender.

Typical Closing Costs
Here is a list of typical closing costs. In general, closing costs amount to 3 percent to 6 percent of the sale price. Note items with an asterisk (*) are explained below. For an estimated price range, see the separate Standard Closing Costs.

• Loan application fees and credit report
• Title search and insurance fees*
• Lender's attorney fees
• Property appraisal
• Inspections
• Survey
• Recording fees
• Transfer taxes
• Documentary stamps on new note
• Points and origination fees
• Condominium application fee
• Escrow account balances/prepaids*

Title Insurance
This is a policy that insures against errors in the title search, essentially guaranteeing you and your lender's financial interest in the property. It checks for any defects, liens or encumbrances on the property that may affect the rights of ownership, possesion or use of the property. It is issued after a complete examination of the public records. It also insures against such things as forgery, fraud, missing heirs or divorce actions. Keep in mind that the required title insurance protects the lender. You may want to take out an owner's title insurance to protect yourself.

Escrow
At closing you may have to put aside money into special escrow accounts to cover other costs associated with buying a home, such as private mortgage insurance (PMI), property taxes and homeowner's insurance. This will ensure that taxes and insurance premiums on the property are paid on time. Federal law limits the amount of "cushion" to two months of escrow payments. Be sure to ask the lender what escrow payments will be required at closing. Some mortgage companies may waive escrow requirements if you pay more points or a higher interest rate.

Savings Tips
You may be able to lower the cost of title insurance if the home you're buying hasn't been owned for a long time by the seller. The insurer may be willing to give you a re-issue rate, hence lower a premium, if there have been no claims against the title since the previous title search was done. If both you and the seller are getting title insurance, you can save by using the same title insurance firm. The cost will be lower since the insuror researches the property only once for both of you.

It is important to review the estimate of closing costs and to ask questions about fees that seem unfamiliar. Lenders differ and can get creative when it comes to other types of charges

Savings Tips
Fees for some standard items, such as appraisal, credit report and title insurance should be almost the same at every lender. The same goes for payments to local governments, such as documentation stamps and recording fees.

A bank or mortgage company may be willing to drop some of the fees if you opt out of a service. For instance, they may overnight documents back and forth for faster approval. If you are not in a hurry, you can ask that the documents be sent by regular mail and the overnight charges be dropped.

Watch out for "junk fees" or additional charges. Most mortgage programs include them, but you should be able to negotiate them down or eliminate them.

Other Ways to Save on Costs


Try to close your mortgage near the end of the month. Because all mortgage loans are due on the first of the month, you will have to pay interest from the day you close until the end of the month. You can avoid or greatly reduce prepaid interest due by closing the last day of the month or near that date, and save yourself hundreds of dollars.

As part of the sale contract, you can negotiate with the seller of the property to help pay for some of the closing costs, points or other fees.

Plan ahead with your mortgage lender. Don't wait until the day of closing to try to reduce costs.

Access Bank and Mortgage
1-888-908-1994
www.accessthebank.com

AmSouth
1-800-374-5791
www.amsouth.com

Army Aviation Center Federal Credit Union
1-800-448-4096
www.aacfcu.com

Bank of America
1-800-432-1000
www.bankofamerica.com

BankTrust
1-800-689-7929
www.banktrustonline.com

Colonial Bank
1-877-502-2265
www.colonialbank.com

Compass Bank
1-800-239-4357
www.compassbank.com

Eglin Federal Credit Union
1-800-367-6159
www.eglinfcu.org

First City Bank
1-888-244-5151
www.firstcitybank.com

First National Bank of Florida
1-800-277-0995
www.fnbfl.com

First National Bank & Trust
1-866-395-0051
www.fnbt.com

Okaloosa County Teachers' Credit Union
850-863-7041
www.okaloosafcu.org

Peoples' First Community Bank
1-800-982-4940
www.peoplesfirst.com

Peoples' National Bank
1-800-303-7010
www.pnbon.com

Regions
1-800-REGIONS
www.regions.com

SunTrust
1-800-786-8787
www.suntrust.com

TrustMark
1-800-844-2000
www.trustmark.com

Tyndall Federal Credit Union
1-877-747-4321
www.tyndallfcu.org

Vanguard Bank
1-800-840-8440
www.vanguardbank.com

Wachovia
1-800-922-4684
www.wachovia.com