Michigan first-time buyer guide
Michigan Closing Costs for First-Time Buyers
A plain-language guide to lender, title, government and prepaid charges.
Loan and third-party charges
Costs can include appraisal, credit, lender or broker charges, title services, recording and other settlement items. The exact amount depends on the transaction and providers selected.
Prepaids are different
Initial escrow deposits, homeowners insurance and prepaid interest are not all lender fees. They fund obligations associated with owning the property and can change with closing date and tax cycle.
Ask for comparisons
Review Loan Estimates using the same loan amount, lock assumptions and time frame. A lower rate may require points; a lender credit may come with a higher rate.
Plan for changes
Some figures can change for permitted reasons. The Closing Disclosure is the final comparison point. Ask questions before signing rather than treating every difference as unavoidable.
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