A buyer estimate or buyer cost sheet gives an estimated amount that the buyer must pay while buying a home. The document lists a number of costs including property fees, taxes, mortgage fees, and title fees that the buyer must pay in order to transfer the deed to their name.
The buyer cost sheet is comprised of 5 types of costs in total. These are:
Property Related Fees. Costs incurred to evaluate the current market price and the property.
Loan Related Fees. These costs include attorney fee, loan origination fee, application fee, and other cost components.
Mortgage Insurance Fees. The insurance costs levied on the buyer’s mortgage is called the mortgage insurance fee.
Property Taxes. These costs are incurred due to property taxes that buyers are supposed to pay upfront during the closing.
Title Fees. Title fees include insurance costs on part of the lender and the buyer as well.
