| Before you finish buying the
house, there are other typical closing costs.
You need to have enough cash to cover these basic
costs plus your down payment. Lenders estimate
3 percent to 6 percent of the loan amount in closing
costs. On a $100,000 mortgage that would be $3,000
to $6,000.
Lots of little (and big) fees
Closing costs could include:
• Loan application fees and credit report
• Title search and insurance fees
• Lender’s attorney fees
• Property appraisal
• Inspections
• Survey
• Recording fees
• Transfer taxes
• Buyer’s attorney
• Documentary stamps on new note
• Origination fees on mortgage
• Condominium application fee
• Escrow account balances/prepaids (for
taxes, insurance)*
Real estate closing practices vary widely from
state to state and even county to county. Where
you live will determine exactly what you will
have to pay. Even if you are not required to escrow
money for taxes, you may want to set aside this
amount to assure that you will be able to pay
those tax bills when they fall due. You can get
a good idea of what applies where you are buying
by checking with a few real estate agents and
lenders or title agents
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