Before they could even finish the paperwork, Sarah and Mike had to open their wallets for early due diligence:
: Their bank required an appraisal to confirm the house was actually worth $400,000. This cost them another $350–$1,000 . The "Lender & Legal" Fees
As the closing date approached, the administrative costs—often called —began to stack up, typically totaling 2% to 6% of the loan amount :
: The lender charged a fee to process and "underwrite" their mortgage application, often starting at 0.5% to 1% of the loan .
: A title company charged about $300–$2,500 to search public records and ensure no one else could claim ownership of the home .
Here is the story of the fees they encountered on their way to the front door: The "First Impressions" Fees
: Their local county charged $20–$250 just to update the public records with their names as the new owners . The "Advance Payment" Fees
: They paid $300–$500 for a pro to crawl through the attic and check for leaks. This was an out-of-pocket cost paid directly to the inspector .
Before they could even finish the paperwork, Sarah and Mike had to open their wallets for early due diligence:
: Their bank required an appraisal to confirm the house was actually worth $400,000. This cost them another $350–$1,000 . The "Lender & Legal" Fees
As the closing date approached, the administrative costs—often called —began to stack up, typically totaling 2% to 6% of the loan amount :
: The lender charged a fee to process and "underwrite" their mortgage application, often starting at 0.5% to 1% of the loan .
: A title company charged about $300–$2,500 to search public records and ensure no one else could claim ownership of the home .
Here is the story of the fees they encountered on their way to the front door: The "First Impressions" Fees
: Their local county charged $20–$250 just to update the public records with their names as the new owners . The "Advance Payment" Fees
: They paid $300–$500 for a pro to crawl through the attic and check for leaks. This was an out-of-pocket cost paid directly to the inspector .