Buyer’s Closing Costs:

Most lenders ask for at least 5% down payment in order to qualify for a mortgage. They also ask to have 1% of the purchase price for closing costs. These costs*** include the following:

- home inspection $300-$400

- bank appraisal (for mortgage qualification) $200-$300 (some banks wave this fee)

- mortgage insurance (if required) $2500-$3000 (financed as part of the mortgage)

- legal fees $1000

- home insurance $500-$600

- property tax adjustment - varies

- services' connection charges $200

- moving and storage $1200

*** costs are approximate