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Closings costs

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Closings costs

On the day you actually buy your home and you go into escrow, you’ll need funds for "closings costs" in addition to your down payment. 

Both buyers and sellers have their respective share of closing costs. As a buyer, some of these closing cost are paid up front when you apply for a loan. That includes, but limited to, money for a full factual credit report, a loan application, and sometimes an appraisal charge for the property you purchase. These fees are non-refundable. Other closings costs may include, but are not limited to:

• Home inspection charges

• Escrow fees

• Title insurance

• Loan origination fee

• Document prep fee

• "Garbage" or "Trash" collection fees (usually required by the lender)

• Points (each point is one percent of the loan amount. This is up front interest paid in return for a lower interest rate)

As a general fair rule, your closing costs will equal to be 2-3% of the purchase price. The good news, if you’re limited on funds, and if your loan type allows it, you can contract the seller to pay some or all of your closing costs. Also, unlike your down payment, certain closing costs can be added to the loan.

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Written By Shan Roberts