Closing Costs

Buyers typical Closing Costs

Typical closing costs for buyers include:
– Loan origination fee (0-1.5% of the loan amount)
– Discount points (if you choose to pay points upfront to reduce your interest rate, usually 1% of the loan amount per point)
– Home appraisal fee ($300 to $500)
– Home inspection fees ($300 to $500, optional but recommended)
– Title search fees ($200 to $400)
– Credit report fee ($20 to $50)
– Lender and/or escrow fees (varies by lender and location)
– Mortgage insurance (if less than 20% down payment)
– Prepaid interest, taxes, and insurance (varies depending on the timing of your purchase)

Note that specific fees and timelines may vary based on your location, lender, and individual circumstances. Consult your real estate agent and mortgage lender for more personalized information.

Sellers typical Closing Costs

Typical closing costs for sellers include:
– Real estate agent commissions (typically 5-6% of the sale price, split between the listing and buyer’s agents)
– Title insurance (varies by location and home value, can range from $500 to $2,000)
– Escrow fees (if applicable, around $500 to $2,000)
– Transfer taxes (if applicable, can range from 0.01% to 2% of the sale price)
– Document preparation and recording fees (up to a few hundred dollars)

Be sure to consult your real estate agent and attorney for more specific information on closing costs and timelines based on your location and individual circumstances.