Bob Northern & Company
12540 Patterson Ave
Richmond, VA 23238
Tel: 804-708-9463 • Fax: 804-708-9467
Financial Information
What closing costs do buyer’s normally pay?

How can I be sure I’m not paying closing cost that I shouldn’t pay?

The following information will give you an idea of closing costs
buyers will encounter.

Anticipated Buyers Settlement Costs and Related Expenses
Credit Report (paid at application) P.O.C.
Appraisal Fee (paid at application) P.O.C
Conventional: $350+ FHA: $450+ VA: $350+ VHDA: $450+
Loan Origination Fee (Normally 1% of the Loan Amount (not sales price)
House Re-Inspection Fee (If Appraiser Must Re-inspect)
Tax Service Contract Fee (Mtg. Company)
$65 +
Document Preparation Fee ( Mtg. Company )
$75 +
Condo Document Review Fee
$100 +
Flood Certification Fee
$20 +
Interest Proration (days at $__per day)
Private Mortgage Insurance (months at $_per month)
(see options on following page)
City/County Real Estate Taxes (months @ $__per month)
Flood Insurance - 1yr + ( months @ $__per month)
Homeowners Association Dues
Mortgage Insurance Premium (FHA) 2.25% of loan + __% per month)
VA Funding Fee, 2% 1st Buyer - 3% 2nd + loan (Financed or Prepaid)
Special Assessments
Closing Fee to Attorney.
$395 - $475
Abstract or Title Search, 60-year
$95 - $125
Title Insurance binder. Shows Title problems (if any).
$25 - $50
Title Insurance (see chart)
Owners Policy + $50 for Mortgagor (buyer) & Mortgagee (lender)
Courier Fee(s)
$45 +
Recording fees: Deed-20 cents per $100.00
Mortgage and Clerk fee
City/County Stamps: Deed, Mortgage
State Tax Stamps: Deed Mortgage
Survey of Property
$225 +
Oil Pro-ration
Whole House Inspector’s Fee, (Sq. Ft. of house x 10% with $150 min., approx.)
Extended Warranty Insurance for One Year
Personal Property
Minus Purchasers closing costs paid by seller
Note: In addition to the above cash needed to close this transaction, the purchasers need to show, prior to loan approval, two months of house payments in reserve in order to qualify for the loan.

This information is designed to be a guide only. Please consult a professional loan officer for advice to ascertain what your exact closing cost will be.