Here is a chart to help you stay organized as you track your closing costs. Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.
|BUYER COST||SELLER COST||OTHER|
|Points paid to receive a lower interest rate|
|Mortgage insurance premium|
|Escrow for homeowner’s insurance|
|Property tax escrow
(if paid as part of the mortgage*)
|Title insurance policy premiums|
|Proration* for your share of costs
(such as utility bills and property taxes)
*Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
** Because such costs are usually paid on either a monthly or yearly basis, the buyers may have to pay a bill for services that you actually used before moving, or vice versa. Proration is a way to even out bills you may have paid in advance, or that buyers may later pay for services you used.