Don’t let closing costs catch you by surprise!

There are two basic types of closing costs, recurring and non-recurring.

Recurring include the ongoing expenses you will be paying on a yearly or monthly basis like interest, property taxes and insurance.

Non-recurring costs are the one time fees associated with buying a home like the appraisal and escrow fees.

Here’s an estimate to give a general idea of what to expect when you buy a home. Keep in mind, some of these numbers are based on the price of the home. For this example, let’s assume it’s for a $500,000 home.

Notice that the buyer pays no commission to the real estate agent 🙂


Lender Fees 
$50Credit Report
$70Tax Service Fee
$10Flood Certificate
$0Points on the loan
Escrow/Title Fees 
$1500Escrow Fee - $500 base + $2.00 per $1000
$250Loan Tie In
$150Doc Prep Fee
$500-$800Lender's Title Policy
$50Sub Escrow Fee



Recurring Costs 
Interest on LoanVaries depending on closing date
Fire InsuranceFirst Year Upfront
Property TaxProrated through Escrow

In this example, the closing costs would be around $4500 + the recurring costs. Keep in mind that in addition to the down payment and closing costs, the lender will want to see that you have at least a couple of months worth of payment saved too.


If you need a referral to a great mortgage broker I have a few people I can send your way. And when you’re ready to start looking for a home, please contact me!



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