Estimated Closing Costs
Frequently Asked Questions
What are typical real estate closing costs?
Closing costs typically range from 2% to 5% of the home purchase price, including lender fees, appraisal, title insurance, and recording fees.
Who pays the closing costs when buying a home?
Buyers usually pay most of the closing costs, but sellers may agree to cover some expenses as part of negotiations.
Can closing costs be included in the loan?
Yes, some lenders allow you to roll closing costs into your mortgage loan, though this increases your loan balance and monthly payment.
Are closing costs tax deductible?
Some closing costs, such as mortgage interest and property taxes, may be deductible. Others, like title insurance or appraisal fees, usually are not. Always check with a tax professional.