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Real Estate Closing Costs Manchester NH

When you purchase a home in Manchester there are added fees known as closing costs. These closing costs are not included in the price of the house. Find out more about closing costs and what to expect when you’re trying to close a deal on a property.

Re/Max Area Real Estate Networ
(603) 626-5000
685 Massabesic St
Manchester, NH

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Real Estate Specialists
(603) 669-9085
1031 Gold St
Manchester, NH

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Kas-Bar Realty
(603) 624-1766
65 W Merrimack St
Manchester, NH

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Erwin Real Estate
(603) 606-6579
150 Dow St Ste 12
Manchester, NH

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Bonnie Guevin & Assoc Inc
(603) 622-6600
46 Myrtle St
Manchester, NH

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Lee Fitzgerald Real Estate Svc
(603) 665-9999
656 S Beech St Ste 2
Manchester, NH

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Era Masiello Group
(603) 314-1111
1230 Elm St
Manchester, NH

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John J Flatley Co
(603) 641-8500
977 Elm St
Manchester, NH

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LeaderGate Realty llc.
(603) 475-3668
10 w.appleton st
manchester, NH
Real Estate Store Of America
(603) 623-3200
953 Union St
Manchester, NH

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Real Estate Closing Costs

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Closing costs, also known as settlement costs, are not included in the price of the property you buy. They are paid separately when the transaction closes and go to cover a number of services involved in selling the property. It is sometimes possible to reduce closing costs by purchasing special package deals from title companies where you buy multiple services.

Closing costs less if you are paying cash for the property. Costs associated with taking a mortgage can be up to seven percent of the total price of the property.

Here is a list of services covered by closing costs:

  • Broker’s commission (if you are using a broker) – usually 6% of sales price

    A number of fees associated with your mortgage (if you have one):
  • Loan origination fee – normally 1% of total mortgage
  • Underwriting fee – an underwriter is the last person to review your loan before it can be approved

    This next set of fees is usually paid before closing:
  • Loan discount – also known as “points,” this is a one-time fee that you pay to your lender in order to lower the monthly interest rate on the mortgage
  • Appraisal fee – covers an appraisal of your property by a state-licensed appraiser (required by most lenders)
  • Credit report fee – a lender will want to be certain you have good credit
  • Lender’s inspection fee – most lenders require that a property be inspected before they will approve a loan
  • Mortgage insurance application fee – insurance for the lender in case of a default on the mortgage
  • Mortgage premium – one-time fee
  • The first month’s interest on the mortgage
  • Homeowner’s (aka Hazard) insurance premium

    A number of fees can be deposited with the lender on reserve:
  • This year’s homeowner’s insurance premium
  • Mortgage insurance for a variable number of months
  • City and county property taxes – normally for the next two months
  • Annual assessments for any local taxes

    Fees related to the title to your property:
  • Closing fee for whoever closes your transaction (i.e. escrow agent)
  • Abstract of title search, a report detailing the history of your property’s title
  • Title examination – a search of title records that often goes back over a century to make sure that there are no possible hindrances to your title to the property
  • Title insurance binder – paid to title company to insure you will buy insurance from them
  • Document preparation fee – this fee varies, ask for information on exactly what you are paying for, especially any “courier” fees
  • Notary fees – a notary must witness the signing of the final closing papers
  • Attorney fees (if you have used an attorney to deal with any title issues
  • Title insurance coverage- both owner’s coverage to protect your title and lender’s coverage to protect your lender’s collateral

    Fees paid to the government:
  • Recording fees for the deed, mortgage, and any releases
  • City, county, or state tax stamps for the deed and mortgage – not all states require these stamps

    Other fees that don’t fit into the categories above:
  • Survey fee – pays for measuring the boundaries of the property
  • Pest inspection fee – most lenders require a pest inspection before approving a loan
  • Flood certification, earthquake insurance, radon tests, lead paint inspections, etc. – fees specific to your property based on its location and history

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