You are going to have to pay a property tax at closing and the amount will vary according to your state of residence. You should check with your Knoxville real estate agent to find out what the exact percentage is for your state, so that you know beforehand what kind of funds you will need at closing.
Processing and underwriting fees
Basically these fees are a charge for processing the loan that you are paying the lender to underwrite. Again, before heading to the closing table, your Knoxville real estate agent can give you a rough idea of how much the cost will be.
This insurance covers the title of the Knoxville home so that there are no unauthorized future claims on the property. It is in the best interests of both the lender and the buyer to get this insurance.
These appraisal fees are paid to any Knoxville independent appraiser who determines the market value of the home in Knoxville. This is necessary to determine the eligibility of the home as collateral.
There are other fees and closing costs for the home buyer, but working closely with your Knoxville real estate agent, and using tactical negotiations can lower the costs significantly. Find out an approximate amount of your closing costs before you head to the table so that you can fully understand what you can reasonably expect to pay.
There is a lot of free information available to you about buying, selling or investing in Knoxville real estate at www.RealEstateFish.com. For complete information about the Knoxville real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Knoxville real estate. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me directly at 865-599-9444 or email me at Troy@RealEstateFish.com.