What are closing costs and how much are they?

Closing costs are costs that are incurred when you transfer the title of a house. Both the seller and buyer have their own set of closing costs. For the seller these fees can ¬†include title recording and title insurance¬†. For the buyer these fees can include an appraisal, credit report, title recording, title insurance, loan discount points, and prepaid items such as property taxes, homeowner’s insurance and HOA dues.

Typical closing costs can vary between 3% to 5% depending on where you live and your lender.

Posted in: Buyer FAQ, Seller FAQ