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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h3><strong>Common Closing Costs for Buyers</strong></h3>
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<p align="left">You’ll likely be responsible for a variety of fees and  expenses that you and the seller will have to pay at the time of  closing. Your lender must provide a good-faith estimate of all  settlement costs. The title company or other entity conducting the  closing will tell you the required amount for:</p>
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<li>Down payment </li>
<li>Loan origination </li>
<li>Points, or loan discount fees, which you pay to receive a lower interest rate</li>
<li>Home inspection </li>
<li>Appraisal </li>
<li>Credit report </li>
<li>Private mortgage insurance premium</li>
<li>Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage</li>
<li>Property tax escrow, if being paid as part of the mortgage. 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.</li>
<li>Deed recording </li>
<li>Title insurance policy premiums</li>
<li>Land survey</li>
<li>Notary fees</li>
<li>Prorations for your share of costs, such as utility bills and property taxes</li>
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<p align="left"><strong>A Note About Prorations</strong>: Because such  costs are usually paid on either a monthly or yearly basis, you might  have to pay a bill for services used by the sellers before they moved.  Proration is a way for the sellers to pay you back or for you to pay  them for bills they may have paid in advance. For example, the gas  company usually sends a bill each month for the gas used during the  previous month. But assume you buy the home on the 6<sup>th</sup> of the month. You would owe the gas company for only the days from the 6<sup>th</sup> to the end for the month. The seller would owe for the first five days.  The bill would be prorated for the number of days in the month, and  then each person would be responsible for the days of his or her  ownership.</p>
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