Articles

If you have been contemplating buying a home, make sure to plan for closing costs.  Closing costs are the fees you must pay when buying a house.  They vary depending on the purchase price of the home and also how you are financing your purchase.  Fees also vary between different mortgage lenders.

Depending on financing, typical closing costs include government recording fees, appraisal fees, credit reports, lender origination fees, title services, tax service fees, survey fees, underwriting fees and sometimes attorney fees.  They are typically between 2%-5% of the purchase price.  For example, when purchasing a home for $350,000, your closing fees could be anywhere between $7,000 and $17,500.  

Keep in mind that closing costs do not include your downpayment.  Oftentimes, depending on the housing market, sellers will agree to pay part of a buyer's closing fees.  Also, many lenders have low, or even no, downpayment programs that could possibly work for you, depending on your situation.If you are concerned about not having the required amount of cash to purchase a home, talk to a mortgage lender and a Realtor.  They have much experience in your market and can give you an idea of what to expect at closing.