As a home buyer you should be aware that there are many different parties, inspections, and expenses associated with purchasing a property. These are expenses are known as “closing costs”. These costs will vary depending on the lender, escrow company involved, the vendors used for inspections, the type of property, and other factors.
Your lender can give you an estimate of closing costs once you have determined the type of loan, type of transaction, purchase price, and loan amount. Typical closing costs could range from 1.5 – 3.5 percent of your loan amount.
Fees could include, but are not limited to the following items:
-Broker, originator or lender
-Closing or settlement
Consult with your mortgage loan originator for estimated closing costs based on your loan program and credit profile.