Question: Lizette, I'm preparing to get ready to start looking at homes soon. I know that I will need to get pre-approved with a lender first to see how much house I can buy and what the payments will be. I'm not too sure about the closing costs. Do you have an idea what it will be? I want to start saving my money now. Daniel F.
Answer: Daniel, I'm glad you asked me about this. The costs can be confusing. Here is an estimate of what a standard closing cost and standard fee might be:
- Origination Fee Up to 1%
- Appraisal Fee $350 - $550
- Title Insurance $400 - $1,000
- Attorney Fees $150 - $450
- Settlement Fee $350 - $500
- Notary Fee $125 - $225
- Flood Determination Fee $20 - $50
- Courier/Overnight Delivery Fee $0 - $35
- Abstract or Title Search $100 - $200
- Recording Fee $15 - $75
- City/County Tax/Stamps .02% - 2.175%
This estimate of closing costs provided by Chase Bank.
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