Closing Costs
Lending & MortgagesFees and expenses paid at the finalization of a real estate transaction, typically 2-5% of the loan amount.
Example
Example: On a $400,000 home purchase, typical closing costs are 2-5% ($8,000-$20,000). Breakdown: loan origination $2,000, appraisal $500, title insurance $1,200, attorney fees $800, recording fees $200, prepaid taxes/insurance $3,500, lender fees $1,500. Total: approximately $9,700. These are due at closing in addition to your down payment.