A common estimate of a buyer’s closing costs is usually about 2% to 5% of the home’s purchase price.
- Loan origination fee (1% to 2%)
- Discount points (0% to 3%)
- Credit report and loan application fee ($25 to $400)
- Mortgage insurance ($0 to $2,500)
- Initial interest ($0 to $1,000)
- Title services and lender’s title insurance ($0 to $5,000)
- Title insurance (lender’s policy and OER) ($450 to $1,200)
- Property taxes (current year proration) ($0 to $7,500)
- Appraisal ($150 to $450)
- Survey ($150 to $400)
- Closing fee ($125 to $350)
- Homeowner’s insurance (varies depending on coverage selected)
- Deed recording fees (costs vary depending on location)
- Buyer’s attorney (0.75% to 1.5%)
- Reserves (two months for homeowner’s insurance, taxes, and mortgage insurance)
