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What are all these fees?

Closing costs can run from 2-5% of the purchase price of your home.

Wondering what they are? Here's a quick summary:

Origination Fees:

A fee charged by lenders for processing the application and underwriting it. The fee typically ranges from .5%-1% of the borrower's mortgage.

Service Charges:

Includes the appraisal, credit report, flood determination and certificate, tax status, pest inspection, title search and insurance and survey fees. Appraisals and surveys can cost anywhere from $300 to $500 each. Title services can be up to about $2000.

Transfer Taxes and Recording Fees:

Vary by state but can run as high as 2.7% in some states.

Escrow Items:

Includes homeowners' insurance, property taxes, and primary mortgage insurance, if applicable. These vary by location. HOA fees also may be included here.

Source: National Association of Realtors, Economic Outlook

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