Closing Costs for Hingham Homebuyers: What To Expect

Buying in Hingham and the South Shore is exciting, but the final number at the closing table can feel like a mystery. You want to plan your cash confidently and avoid last‑minute surprises. In this guide, you will learn what closing costs are, what they typically include in Massachusetts, and how to estimate and manage them for a Hingham purchase. Let’s dive in.

Closing costs, in plain English

Closing costs are the fees and prepaid items you pay in addition to your down payment when you close on a home. Some can be financed, others must be paid at closing. You will see them grouped on your lender’s estimates and the final settlement statement.

As a budgeting rule of thumb, plan for about 2% to 5% of the purchase price in buyer closing costs, not including your down payment. Your exact number will vary by loan type, price point, and property details.

How you verify your numbers

You will receive a Loan Estimate within three business days of your mortgage application. It outlines your projected interest rate, payments, and closing costs. At least three business days before closing, you will receive a final Closing Disclosure that shows the exact cash to close.

These two documents are your source of truth. Use your Loan Estimate and Closing Disclosure to confirm every line item, ask questions, and avoid surprises.

Line items you can expect

Lender fees and prepaids

• Origination or processing fees that the lender charges to underwrite and process your loan. These can be a flat fee or a percentage of the loan amount.
• Optional discount points if you choose to lower your interest rate. One point is typically 1% of the loan amount.
• Appraisal, credit report, and underwriting fees. Appraisals often fall in the mid‑hundreds to low thousands, depending on property complexity.
• Prepaid interest from your closing date to your first payment.
• Mortgage insurance if required, and initial escrow deposits for taxes and insurance. Lenders commonly collect 2 to 6 months of estimated taxes and insurance to fund your escrow account.

Title, recording, and settlement

• Title search and exam to verify ownership and liens.
• Lender’s title insurance policy, which most lenders require.
• Optional owner’s title insurance policy to protect your equity. This is a one‑time premium based on the purchase price.
• Settlement or closing fee charged by the closing agent or attorney.
• Recording fees for the deed and mortgage with the Plymouth County Registry of Deeds for Hingham properties. Amounts vary by document and county schedule.

Attorney involvement

• In Massachusetts, many buyers retain an attorney to review documents and coordinate the closing. Fees are typically a flat amount and vary by complexity.

Inspections and compliance

• Home inspection is standard. Optional tests often include radon, lead‑based paint, and pest inspections, especially for older homes.
• Title V septic inspection applies if the property is on a private septic system. If the home is on town sewer, Title V does not apply. Repairs for a failed system can be significant, so confirm early.
• Some towns require smoke and carbon monoxide compliance letters or other municipal sign‑offs.

Insurance and potential flood coverage

• Your first year of homeowners insurance is typically paid at closing. Coastal locations may have higher premiums.
• If the home is in a FEMA Special Flood Hazard Area, your lender will require flood insurance. Premiums vary and can affect your escrow deposits and monthly payment.

Condo and HOA items

• For condos, expect a resale or estoppel certificate fee and possibly an administrative transfer fee. You may also prepay the first month of dues.

Massachusetts and Hingham specifics

Title V septic

If a Hingham property uses a private septic system, a Title V inspection is required at sale. Budget for the inspection and confirm the system’s status well before your mortgage contingency date. Upgrades after a failed inspection can be costly and may need to be resolved before closing or handled through credits.

Coastal and flood considerations

Many South Shore homes face some level of coastal flood risk. If a lender’s flood determination shows the property in a high‑risk zone, flood insurance will be required. This affects both your annual costs and your initial escrow deposit.

Attorneys and closings

Massachusetts closings often include attorneys for buyers and sellers. Your attorney may handle title review, document preparation, and coordination with the lender and Registry of Deeds. Plan for this fee in your budget.

Plymouth County Registry of Deeds

Hingham transactions are recorded with the Plymouth County Registry of Deeds. Recording fees are set by the Registry and are included on your final Closing Disclosure. Property taxes are prorated based on Hingham’s billing schedule at the time of closing.

What it might cost: simple examples

These examples are for planning only. Your Loan Estimate and Closing Disclosure will show your exact cash to close.

• Example A, $750,000 purchase: A common range for buyer closing costs is about 2% to 5% of the purchase price, or roughly $15,000 to $37,500. Your number could move up or down based on title choices, points, escrows, and inspections.
• Example B, $1,100,000 purchase: At the same 2% to 5% planning range, you might budget about $22,000 to $55,000. Coastal insurance, flood requirements, and optional owner’s title insurance can influence the total.

In both cases, the mix typically includes lender fees, appraisal, title and recording, attorney fees, one year of homeowners insurance, initial escrow deposits, and inspections. Optional items like discount points and owner’s title insurance add to the total but may be worthwhile depending on your goals.

Ways to manage cash to close

• Compare 2 to 3 lenders. Review total costs and rate options side by side on the Loan Estimate.
• Request itemized title and recording quotes early. Confirm who is providing settlement services and how fees are calculated.
• Negotiate seller credits when market conditions allow. Credits can offset closing costs within loan program limits.
• Consider lender credits or rolling certain costs into the loan. This can reduce cash at closing but may increase your monthly payment.
• Explore state programs. MassHousing and other programs may offer down payment or closing cost assistance for eligible buyers.
• Order inspections early. If septic is possible, confirm Title V status quickly to avoid delays and surprise expenses.
• Shop homeowners insurance, especially for coastal properties. Premiums vary by carrier and coverage.
• Follow secure funding procedures. Confirm wire instructions with your closing attorney or settlement agent by phone to avoid fraud.

What to bring and timing

• Bring a valid photo ID, proof of homeowners insurance, and certified funds or wire confirmation as directed by your closing attorney or settlement agent.
• Most financed purchases close in about 30 to 45 days after an accepted offer, depending on inspections, condo documents, and lender timing. Cash closings can be faster.

You deserve a calm, well‑planned closing with no loose ends. If you want a private, advisory‑first approach from offer through funding and recording, we are here to help. For tailored guidance on your Hingham or South Shore purchase, connect with Zachary Lombardi. Request a private consultation & valuation.

FAQs

How much cash will I need to close on a Hingham home?

• Plan for about 2% to 5% of the purchase price in buyer closing costs, then confirm your exact cash to close on your Loan Estimate and final Closing Disclosure.

What costs are paid at closing vs. financed in Massachusetts?

• Some fees can be financed or offset by lender credits, while others are paid at closing, including title, recording, insurance prepaids, and escrow deposits; your lender will detail what can be financed.

Do I need a Title V septic inspection as a buyer?

• Title V applies if the home uses a private septic system; if the property is on town sewer, Title V does not apply, so verify the home’s sewer or septic status early.

How do flood zones affect South Shore closing costs?

• If the home is in a high‑risk FEMA flood zone, lenders require flood insurance, which raises your annual costs and initial escrow deposits at closing.

Will I need an attorney to buy in Massachusetts?

• Many Massachusetts buyers hire an attorney to review documents and coordinate closing; attorney fees are a common line item and should be budgeted.

Can the seller pay part of my closing costs in Hingham?

• Seller credits are often negotiable within loan program limits and can reduce your cash to close; discuss strategy with your agent early.

What documents should I bring to my closing?

• Bring a government‑issued photo ID, proof of homeowners insurance, and certified funds or wire confirmation as instructed by your closing professional.

How long does a financed closing typically take?

• Most financed purchases close in about 30 to 45 days from offer acceptance, with timing affected by inspections, condo documents, and lender conditions.