Video transcript: Closing Costs & Fees Explained
On screen:
This video opens with an animated scene, featuring a couple standing in front of a home for sale.
On screen:
The Chase logo remains in the corner.
Narrator:
You've made it to the final step of your home buying journey, and now it's time to close on your loan.
On screen:
A title appears over blue:
On screen:
'Closing costs & fees.'
Narrator:
But before you receive the keys to your new home, there might be some closing costs and fees that catch some first-time homebuyers off guard.
On screen:
An animated document unfolds with the heading: 'Closing Disclosure.' A check list appears beside it, including:
On screen:
- Appraisal fee
- Attorney fee, Origination fee
- Underwriting fee, Title fees.
Narrator:
A few days before closing, you'll receive a closing disclosure that outlines all of the costs and fees you'll need to pay.
On screen:
At a Chase branch, a banker hands the couple a check as a bulleted list reads:
On screen:
- Cashier's check
- Proof of wire transfer.
Narrator:
You'll need to bring a cashier's check or proof of wire transfer to closing to cover these costs.
On screen:
A second title appears over blue:
On screen:
'Insurance.'
Narrator:
There are also two types of insurance that you'll need to get.
On screen:
A certificate with the word 'Title' appears beside a bulleted list with two items:
On screen:
'One time fee,' and 'Insures ownership.'
Narrator:
Title insurance, a one-time fee due at closing, ensures that you're the sole owner of the property and that the seller has the right to sell you the property.
On screen:
A third bullet reads:
On screen:
'Confirms all taxes paid.'
Narrator:
It also confirms that all taxes are paid on the property before you close.
On screen:
More bullet items appear over the home as animated birds fly past:
On screen:
'Protects against loss or damage,' and 'Protects you financially.'
Narrator:
The second type, homeowners insurance, helps protect your home and property against loss or damage. It can also protect you financially if someone is injured while on your property.
On screen:
A third bullet item reads:
On screen:
'Required by most lenders.'
Narrator:
Most lenders will require you to have homeowners insurance at closing and for the duration of your loan.
On screen:
The couple sits across from a Chase advisor.
Narrator:
Remember, closing costs and insurance policy needs can vary, so make sure to lean on your Home Lending Advisor for help.
On screen:
The video ends with a logo:
On screen:
Chase. Make More of What's Yours (registered trademark).
Note:
Disclosures appear alongside an Equal Housing Opportunity logo:
On screen:
Products, services, processes and lending criteria described in these videos may differ from those available through JPMorgan Chase Bank N.A. or any of its affiliates. The views expressed in this video do not reflect the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy.
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