Typical Expenses &
Closing Costs for Home Buyers
|
| Expense |
Item Amount |
When Payable |
| Mortgage
Application Fee & Appraisal |
$235-$250
Check with your lending institution |
At time of mortgage
application |
| Property Inspection
Fee |
$200 approx. |
At time of inspection |
|
Legal Fees:
Tax certificate
Title search
Record deed/mortgage
Deed Transfer Tax
|
$500 +/-
Varies with propertyand
lawyer
$40 +/-
$100 +/-
$100 +/-
1.5% of purchase price
|
Closing
Date |
| Property
Survey |
$300-$400
+ |
Closing Date |
| Mortgage
Interest Adjustment |
$100-$300+ |
Usually on
closings that are not at month end Closing Date |
| Mortgage
Insurance |
Up to 80%
- 1.25%
Up to 85% - 2.00%
Up to 95% - 2.50%
|
Generally
amortized with mortgage |
| Adjustments
for Fuel and Property Taxes |
Fuel - $300
+/- (varies)
Taxes - 1/2 year +/- (varies) |
Closing Date |
| Home &
Property Insurance |
$300-$500
+/- |
Closing Date |
| Moving Expenses |
Varies |
Moving Day |
| Appliances,
Drapes,Lawn Mower, etc. |
Varies |
Your choice!
|
