Learn About Home Purchasing Costs -- >>> First Time Home Buyer Guide

Closing Costs for purchasing a home tops $3,000

Beware of closing costs! A newly released survey from Bankrate Survey looked at closing costs across the United States and found that they cost over three thousand dollars in expenses

Closing costs cover Title searches, applications fees and other expenses when buying a home.

Consumers should watch out for junk fees such as inflated costs for things like document preparation that can boost your overall closing costs.

Origination fees are charged by lenders for application and document processing

Title costs and appraisal fees are paid to third party representatives.

The property report is a limited search of public records and reflects:
– Current owner of the property
– How the property was conveyed to the current owner
– Open mortgages
– Liens and judgments
– Tax information
– Legal description

A qualified professional appraiser performs an appraisal or an estimation on the market value of a property to determine it's worth at a specific date and time. An appraisal fee is a fee sometimes charged during closing costs

The appraisal fee will vary depending on the size of your home, the specific characteristics of your home and the type of appraisal done. Appraisers will normally charge one fee for a single family home and a larger fee for duplex, four-plex, or a commercial building since more time is necessary to prepare comparable's and measurement information.

How much is an appraisal fee?

The typical appraisal fee varies and price paid is not indicative of quality or substance, so shop around. Fees for a standard owner occupied single family tract home, condominium or town home is anywhere from $200 to $500.

The caveat is to shop around for good faith estimates from lenders so you don't get burnt.

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