What is Value?

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

There are typically 3 types of expenses for a buyer when they are purchasing real estate. The amounts can vary depending on the price and type of property you are purchasing. 

Lender Fees

If a buyer is working with a lender such as Bay Equity in St. George, that lender has to supply the buyer with a "Loan Estimate" within 72 hours of completion of the loan application. Typical lender fees which can vary depending on the loan program include, but are not limited to: 

Title Expenses

  • Title Search
  • Title Insurance
  • Points
  • Processing Fees
  • Origination Fees

Closing Fees

  • Title Company Fees
  • Recording Fees

Other Fees

  • Taxes (pro-rated)
  • HOA (pro-rated)
  • HOA start-up fees
  • Home owner's insurance
  • Home inspections
  • Mortgage insurance
  • Appraisal
  • Survey
  • Termite and pest inspection

Lance Clifford & Associates has a had great success working with local lenders here in St. George that understand the market and what it takes to get a loan funded. If you would like Lance to recommend a great local lender, please give us a call at 435-200-5508 today.