Your credit union lender must give you a written estimate of closing costs within three days of accepting your mortgage application. You should have an exact figure by one business day before closing. Remember, all told you can expect closing costs to amount to 3 percent to 6 percent of the mortgage amount. You may have to pay all of the closing costs listed below, or the seller might pay some of them. May be a fixed dollar amount or a percentage of the loan, such as 1 percent.
Points adjust the lender's yield on the loan to market conditions.
Each point equals 1 percent of the loan amount. Appraisal fee - The lender hires someone to appraise the house to verify that its value is enough to cover the loan. You most likely already paid this to the lender when you applied for your loan. Again, you paid this at loan application time. Flood determination fee - Paid to the lender to determine if the property is in a flood hazard area and needs flood insurance coverage.