: 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
: A title company charged about $300–$2,500 to search public records and ensure no one else could claim ownership of the home . fees when buying a house
Meet Sarah and Mike. They just found their dream cottage for $400,000. They have their 20% down payment ready, but their lender just handed them a "Loan Estimate" that made them realize the sticker price was only the beginning. : Their bank required an appraisal to confirm
Before they could even finish the paperwork, Sarah and Mike had to open their wallets for early due diligence: Meet Sarah and Mike
: Their local county charged $20–$250 just to update the public records with their names as the new owners . The "Advance Payment" Fees
: To show they were serious, they put down about 1% to 3% of the purchase price ($4,000–$12,000) into an Escrow Account , which would eventually count toward their down payment .
: The lender charged a fee to process and "underwrite" their mortgage application, often starting at 0.5% to 1% of the loan .
: 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
: A title company charged about $300–$2,500 to search public records and ensure no one else could claim ownership of the home .
Meet Sarah and Mike. They just found their dream cottage for $400,000. They have their 20% down payment ready, but their lender just handed them a "Loan Estimate" that made them realize the sticker price was only the beginning.
Before they could even finish the paperwork, Sarah and Mike had to open their wallets for early due diligence:
: Their local county charged $20–$250 just to update the public records with their names as the new owners . The "Advance Payment" Fees
: To show they were serious, they put down about 1% to 3% of the purchase price ($4,000–$12,000) into an Escrow Account , which would eventually count toward their down payment .
: The lender charged a fee to process and "underwrite" their mortgage application, often starting at 0.5% to 1% of the loan .