When you buy a home in Ellicott City, Columbia, Catonsville or elsewhere, one of the sums of money you’ll most likely have to come up with will go toward your closing costs.
But what are closing costs, and how much will you have to pay for them?
What Are Closing Costs?
Closing costs are fees you have to pay to your lender and to other parties in order to facilitate a real estate transaction. You may have to pay things like:
- Loan origination fees, which are processing charges from lenders
- Taxes on the money you’re borrowing
- A credit report fee
- A survey fee
- An underwriter fee, which pays the person who checks your creditworthiness
- A title search fee
- Attorney’s fees
- Home inspection fees
- Appraisal fees
This isn’t a complete list, though – your lender can provide you with one that includes everything.
Related: Mortgage basics for buyers
How Much Are Closing Costs?
You can expect to spend between 3 and 5 percent of a home’s sales price in closing costs. Naturally, that doesn’t apply if the seller picks up your costs or if you’re using something like a VA loan, in which there’s a cap on the amount your lender can charge you.
Closing costs can vary, too, because some of the things you have to pay for might be negotiable. Ask your lender if you can negotiate fees like lawyer fees, courier fees and others – you may be able to save a little cash that you can then apply to your down payment (or new furniture).
Related: What is a VA loan?
Are You Buying a Home in Ellicott City?
If you’re ready to buy a home for sale in Ellicott City, we can help you find the right one.
Call us at 410-465-5822 to tell us what you want from your next home or to schedule a tour in a home you’ve seen online.
Use these links to check out the hottest listings:
- Ellicott City homes for sale
- Columbia homes for sale
- Catonsville homes for sale
- Pikesville homes for sale
- Owings Mills homes for sale

2530 Kensington Gardens 301 Ellicott City, Maryland
3 Beds 3 Baths 2,880 SqFt
Listing courtesy of Coldwell Banker Realty

11920 Frederick Road Ellicott City, Maryland
3 Beds 2 Baths 1,498 SqFt 0.250 Acres
Listing courtesy of Keller Williams Realty Centre

5341 Kerger Road Ellicott City, Maryland
5 Beds 4 Baths 3,982 SqFt 0.330 Acres
Listing courtesy of Excel Realty Corp.

8800 Bosley Road 307 Ellicott City, Maryland
3 Beds 2 Baths 1,890 SqFt
Listing courtesy of Berkshire Hathaway HomeServices PenFed Realty

8118 Calla Lilly Drive 107 Ellicott City, Maryland
3 Beds 4 Baths 2,910 SqFt
Listing courtesy of Cummings & Co. Realtors

2874 Thornbrook Road Ellicott City, Maryland
4 Beds 4 Baths 3,896 SqFt 0.330 Acres
Listing courtesy of RE/MAX Advantage Realty

3112 Bunker Drive Ellicott City, Maryland
5 Beds 5 Baths 4,606 SqFt 0.350 Acres
Listing courtesy of Long & Foster Real Estate, Inc.

3118 Priscillas View Ellicott City, Maryland
3 Beds 3 Baths 1,552 SqFt 0.020 Acres
Listing courtesy of RE/MAX Executive

3784 College Avenue A1 Ellicott City, Maryland
3 Beds 4 Baths 2,393 SqFt 0.270 Acres
Listing courtesy of Elevate Real Estate Brokerage

2806 Greenway Drive Ellicott City, Maryland
4 Beds 3 Baths 2,110 SqFt 0.460 Acres
Listing courtesy of Douglas Realty LLC

8613 Falls Run Road G Ellicott City, Maryland
3 Beds 2 Baths 1,083 SqFt
Listing courtesy of RE/MAX Specialists

2616 Queensland Drive Ellicott City, Maryland
4 Beds 5 Baths 3,075 SqFt 0.020 Acres
Listing courtesy of Long & Foster Real Estate, Inc.

2750 Thornbrook Road Ellicott City, Maryland
4 Beds 3 Baths 3,753 SqFt 0.320 Acres
Listing courtesy of Keller Williams Lucido Agency

10212 Clubhouse Court Ellicott City, Maryland
4 Beds 3 Baths 3,228 SqFt 0.320 Acres
Listing courtesy of Northrop Realty, A Long & Foster Company

8511 Coltrane Court 202 Ellicott City, Maryland
3 Beds 2 Baths 1,800 SqFt
Listing courtesy of Keller Williams Lucido Agency
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