At the time you sign the documents to transfer ownership of your new that the lender charges. Your closing costs may include fees for lawyers, credit checks and title searches, taxes, and the preparation of the documents. Closing Costs = Sum of Bank Fees Use the list of closing costs at the right to solve Problems 1 and 2. 1. Al and Viola Speer were granted an $80,000 mortgage. Credit report: At the closing, they will have to pay the closings costs Appraisal report: shown plus real estate taxes of $1,230. What are the Title search: total costs? Survey Recording & transfer fee: Legal fees: Loan origination fee: $ 55.00 425.00 230.00 325.00 120.00 360.00 2% of mortgage 2. Pablo and Maria Rivera were granted a $128,000 mortgage. At the closing, they will have to pay the closing costs shown plus real estate taxes of $1,920, What are the total costs? 3. Joy and John MacAllister have agreed to purchase a house for $79,900. First National Savings & Loan is willing to lend the money at 7.5 percent for 25 years, provided the MacAllisters can make a $19,900 down payment. The total closing cost is 3.5 percent of the amount of the mortgage. What is their total closing cost? 4. You are interested in purchasing a $144,000 home. You plan to make a 25 percent down payment and obtain a 8 percent mortgage for 20 years for the remaining amount through City Savings and Loan. Complete the form below to determine the total closing cost. CITY SAVINGS AND LOAN ASSOCATION DISCLOSURE OF CLOSING COSTS DATE: 3/1/20% $ 455.00 65.00 AMOUNT OF MORTGAGE: Appraisal report Credit report Loan origination fee: 2% of mortgage Recording costs Survey and photos Title search & insurance Legal fees Property taxes Interest on the mortgage from 1st of the month to the closing date 3/16 (exact interest) Total 145.85 345.60 160.00 425.00 857.25