Costs

After you have found a home you wish to purchase and have been approved for the loan to cover the cost of the purchase, the lender will prepare a "Good Faith Estimate" of closing costs and is required to mail it to you within three business days of application. The lender only prepares an estimate of the costs -- an educated guess based on previous experience. Below is a list of costs that may or may not be included in the "Good Faith Estimate":

• Earnest Money Deposit - The amount of money that demonstrates intent to close the transaction
• Down Payment - The amount of money to secure a loan
• Loan Origination - Lender's one-time charge for setting up the loan
• Appraisal Fee - Lender's require appraisal of property value
• Credit Report - Charge for credit investigation
• Lender's Inspection Fee - Cost of home inspection
• Mortgage Broker Fee - May include broker processing fees
• Pro-rated Property Taxes - Buyer's portion of the property's taxes for balance of year
• Escrow Fee - Escrow's charge for service; customarily split between buyer and seller
• Home Owners' Dues - Applies to multi-family properties but can also apply to community developments
• Wire Transfer/Courier Fees - Fees associated with moving documents/monies from one location to another
• Recording Fees - Fees associated with recording documents with Kitsap County

Source: Washington State Real Estate Fundamentals