Closing costs can run from 2-5% of the purchase price of your home.
Wondering what they are? Here's a quick summary:
A fee charged by lenders for processing the application and underwriting it. The fee typically ranges from .5%-1% of the borrower's mortgage.
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.
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