Facts about Closing Costs
New home buyers are wise to consider the costs associated with the closing process.
Closing costs are the fees and expenses one must pay before becoming the legal owner of a house, townhome, or condo. Closing costs vary, depending on the purchase price of the home, and how it is being financed.
They typically include the following:
- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting fees
Closing costs typically range from 2% to 5% of the home’s total purchase price, depending on how the lender works with the buyer.
Photo by micheile henderson on Unsplash
