How Much Are Closing Costs? – Understand the Upfront Costs of Buying

How Much Are Closing Costs?

Understand the Upfront Costs of Buying

Buying a home comes with additional costs beyond the purchase price. Here's what you need to know about closing costs.

1. Loan Origination Fees

These are fees charged by your lender to process your mortgage, typically 0.5% - 1% of the loan amount.

2. Appraisal and Inspection Fees

An appraisal ensures the home’s value matches the loan amount, while an inspection checks for necessary repairs.

3. Title Insurance and Search Fees

Title insurance protects against ownership disputes, and a title search confirms a clear title.

4. Property Taxes and Insurance

Buyers often prepay property taxes and homeowners insurance at closing.

5. Recording and Legal Fees

These cover the cost of recording the deed and legal paperwork for your home purchase.

Closing costs typically range from 2% to 5% of the home’s purchase price. Need help navigating these expenses? Contact Chad Snyder, Empire Realty Group, at (585) 519-3588 for expert guidance.

Fair Housing Icon NY Fair Housing Notice