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Mortgages 101, 3rd Edition by David Reed

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CHAPTER 14

Closing Costs and How to Save on Them

Closing costs are a necessary evil when buying a house. Sorry, that’s the way it is. There are lots of people involved in your transaction; most you’ll never even meet. And they’re all doing stuff needed to close your deal.

14.1 WHAT TYPES OF CLOSING COSTS CAN I EXPECT?

You can expect a lot of them, most of which you will never pay again until you get another mortgage. Closing costs can vary based upon locale, but generally you can anticipate your closing costs to average just about 3 percent of your loan amount, more if you pay points or origination fees to your lender.

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