If you have ever purchased or refinanced a home, or are looking to do so in the future, you know that a home costs more than the listing price. There are a plethora of additional fees and expenses that both the buyer and seller will have to pay at the time of closing. While lenders provide a good estimate of all the closing costs, the title company you work with on the closing will be the best source of information for your total closing costs.
What Are Closing Costs?
Closing costs are processing fees that are paid to the lender. The total closing costs is dependent on the type of loan, location and the value of the home. These costs cover anything from a title search to the home’s appraisal. The total value of closing costs can make up anywhere from 3% to 6% of the total home value.
List of Common Closing Costs for Buyer
While this list is not exhaustive, below is a list of common closing costs a Missouri or Kansas home buyer may come across.
- Application Fee (to lender)
- Appraisal
- Attorney Fees
- Closing Meeting Fee
- Credit Reporting Fee
- Escrow Funds
- FHA Mortgage Insurance
- Homeowners Association Transfer Fee
- Homeowners Insurance
- Loan Origination Fees
- Lender’s Title Insurance
- Owner’s Title Insurance
- Private Mortgage Insurance
- Property Tax
- Recording Fee
- Title Search Fees
- Transfer Tax
- Underwriting Fees
- VA Funding Fee
Some of these fees are calculated as a percentage of the loan, others are standardized pricing. Use our Title Insurance Fee Calculator to estimate some of these costs related to the titling process.
Missouri and Kansas Ranked for Lowest Closing Fees
You know what they say in real estate — location, location, location! If you are purchasing a home in Missouri or Kansas, you’re in luck! Both states make the top 10 of states with the lowest closing costs, according to Forbes.
Estimate Closing Costs With Our Title Insurance Fee Calculator
Continental Title Company is here to make sure that there aren’t any surprises when it comes time to close on a house. Our Title Insurance Fee calculator provides an estimate of fees to expect through the homebuying process. Of course, these are only estimates and final title insurance fees will depend on the condition of the title or any other special circumstances that may come up.
Call To Get Closing Cost Estimates for Missouri and Kansas
Continental Title Company has two decades of experience not only protecting homeowners, but working with lenders, real estate agents, homeowner associations and all the entities that may charge a home buyer during the closing phase. It’s important to choose a title company that has a proven track record in your area and an experienced team. Use our online rate calculator to get an estimate of your closing costs.