The Truth About ‘No Cost’ Loans from Home Lenders

Here's an estimate of what you can typically expect to pay for your mortgage

Typical Closing Costs on a New Mortgage:

Description of Fee Cost

Application Fee                         $150-$400

Appraisal                                      $200-$400

Closing Fee                                  $250-$350

Credit Report                             $15-$50

Document Prep Fee                 $150-$300

Flood Certification                   $10-30

Legal Fees                                     $250-$750

Loan Origination Fee              Usually 1% of the loan

Points                                             Each point is 1% of the loan

Recording Fee                           $25-$50

Survey                                           $150-$300

Taxes                                             Varies (See more info below)

Termite Inspection                 $50-$100

Title Insurance                         Varies (See more info below)

Some loan costs, like interest on your loan and property taxes, must be put in escrow, meaning that you pay for them for a few months, up to a year in advance. The same is true for homeowners’ insurance, which covers the house in case of a fire or another disaster.

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