Pre-Closing fees

Application and credit report fees are paid when applying for your mortgage. Appraisal fee, loan origination fees and documentation fees are paid when they accrue.

Closing Fees

The home buyer is responsible for three months' escrow prorated taxes and homeowner's insurance. The down payment, title search, title policy fees, attorney's fee, settlement and recording fees are paid at closing. Any unpaid pre-closing fees will also be due at closing

Post Closing Fees

Monthly PMI (private mortgage insurance) will be required by your lender if your loan is more than 80 percent of the appraised value of your home. This insurance is a protection for the lender in case you default on the loan. Homeowner's insurance, PMI and property tax payments are often times added to escrow.

Required Fees

The lender required fees are credit report fee, appraisal and recording fees. Some mortgage fees can be negotiated and escrow is not always required.

Non-Required Fees

Some lenders waive home inspections. Loan origination and documentation fees may be waived by some lenders.

Summary of Fees

Sellers pay real estate broker's fee and prorated taxes. You may negotiate them to pay the loan origination or discount points in the purchase contract.

Source:

"The Title Searchers Handbook," Michelle Nesbit 2001

Quicken Loans: Mortgage Closing Costs and Fees

MortgageQnA: Real Estate Settlement Fees

Resource:

Familyresource.com: Home and Mortgage