10 common home buyer closing costs when buying a homeDid you know there are closing costs, costs associated with a buyer's purchase, when purchasing a home? If not, you're not alone. The home & property purchasing process has many moving parts and complexities not found in other purchases. That is why we set buyer consultation appointment to detail the home buying experience and cover the many details one will encounter.

During the process, if a buyer is using financing to purchase, the buyer will meet with a home loan specialist to discuss types of financing, obtain a per-qualification, and learn all the costs associated with their purchase. However, with the amount of information a home buyer will receive its not uncommon for closing costs to be forgotten. So to help understand what home buying closing costs are here are 10 Common Buyer Closing Costs when Purchasing a Home.

1. Home Inspection: Usually not a financed cost yet a cost a buyer will incur if their purchase and sale contains a home inspection addendum. In addition, a home inspection's costs are not refundable whether a a buyer chooses to move forward or terminate the contract based on the inspection's findings.

2. Title Insurance Policy: Title insurance is insurance that protects a homeowner and lienholder (commonly referred to a the lender) from any liens, encumbrances, and clouds on the properties title post closing. Being the buyer is financing the purchase, a buyer is required to purchase title insurance.

3. Half of the Escrow Fee: Escrow: Escrow is the entity that collects buyer's earnest money, receives the buyer's loan documents, receives the buyer's funds from the lender, and prepare the final settlement statement, and submit closing documents for recording.

4. Homeowner's Association Fees: If the home is located within an HOA then the buyer will be responsible for the remaining year's worth of HOA dues yet only 3 months upfront may be required.

5. Appraisal: An appraisal is ordered by the lending company and completed by a third party appraiser. Even though the lender orders the appraisal the buyer is responsible for paying for it. Like a home inspection, the appraisal cost is typically non-refundable portion of the purchase regardless if the buyer doesn't move forward with the purchase.

6: Property Taxes: The buyer will be responsible for the pro-rated property taxes for the remaining tax year.

7. Credit Report: During the lender's pre-qualification process, a buyer will typically pays for their credit to be pulled. Not a major closing cost to purchase a home yet it should be expected.

8. Loan Origination Fee: The loan origination fee is a fee the lender charge for "originating" the buyer's/borrower's loan. Sometimes loan origination fees can be waived though not very commonplace. There is no set amount and origination fees can vary from lender to lender, plan on about 1% of the loan amount for the fee.

9. Prepaid Loan Interest: Prepaid interest charges are charges due at closing for any daily interest that accrues on your loan between the date you close on your mortgage loan and the period covered by your first monthly mortgage payment.

10. Snohomish County Document Recording Fees: To finalize the transfer of real property. The deeds need to be recorded at Snohomish County and buyer's expect to pay approximately $450.