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Closing Costs: What to Expect

Shopping for your new home is exciting, but be sure to properly estimate closing costs to avoid last-minute surprises.

Once you find the perfect home and your loan’s been approved, you have a few more steps to take before you get the keys to your new home. One of those steps is paying closing costs. 

What you need to know about closing costs

During closing, you’ll need to review and sign loan and other paperwork to finalize the home purchase process, as well as pay some upfront costs. 

  • Your closing costs, which will depend on your lender, type of mortgage, and home location, may cost thousands of dollars — they’re typically 2 to 5% of your home purchase price. Estimate your costs.
  • Closing costs can be paid by you, the home seller, or the lender.
  • You may be able to use monetary gifts from family for all or a portion of your closing costs.

 First-time homebuyers 

Learn more about buying your first home.

Examples of typical mortgage closing costs

Within 3 days of submitting a complete mortgage application, you’ll get a Loan Estimate that will give you a better idea of how much you need to pay in closing costs. Then, 3 days before you close, you’ll get a Closing Disclosure with final costs, which may include:

  • Origination charges for application and underwriting fees
  • Services where we select the service provider like appraisal, credit report, and flood determination service
  • Services where you request the service provider including the pest inspection, survey, and title search
  • Taxes and other government fees like recording fees and other taxes (a lender has no control over these costs)
  • Prepaids are the first payments for your homeowners insurance, mortgage insurance, and prepaid interest
  • Initial escrow payment covers payment of future homeowners insurance and property taxes
  • Other costs including anything else not covered, such as an optional Owner's Title Policy

Wire Transfer Fraud: Before you wire funds, be sure to verify all instructions and contact information to avoid real estate scams. Learn more

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