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
$839,000
4467 Doncaster Drive Ellicott City, Maryland
4 Beds 4 Baths 3,289 SqFt 0.320 Acres
Listing courtesy of EXP Realty, LLC
$450,000
4967 Lee Farm Court 88 Ellicott City, Maryland
3 Beds 4 Baths 1,955 SqFt 0.870 Acres
Listing courtesy of Samson Properties
$800,000
2561 Ashbrook Drive Ellicott City, Maryland
4 Beds 3 Baths 3,486 SqFt 0.480 Acres
Listing courtesy of Keller Williams Lucido Agency
$995,000
4202 Buckskin Wood Drive Ellicott City, Maryland
4 Beds 5 Baths 4,569 SqFt 3.010 Acres
Listing courtesy of Samson Properties
$389,000
3612 Joycin Court C Ellicott City, Maryland
3 Beds 3 Baths 1,160 SqFt 0.110 Acres
Listing courtesy of Valley Realty, LLC.
$475,000
4602 Westhill Road Ellicott City, Maryland
3 Beds 2 Baths 2,145 SqFt 0.730 Acres
Listing courtesy of Walters Realty
$625,000
10068 Century Drive Ellicott City, Maryland
5 Beds 3 Baths 2,550 SqFt 0.460 Acres
Listing courtesy of Keller Williams Realty Centre
$340,000
8115 Yellow Pine Drive E Ellicott City, Maryland
2 Beds 2 Baths 1,574 SqFt
Listing courtesy of Berkshire Hathaway HomeServices PenFed Realty
$835,000
4937 Windpower Way Ellicott City, Maryland
4 Beds 4 Baths 3,628 SqFt 0.140 Acres
Listing courtesy of Signature Home Realty LLC
$459,900
8960 Carls Court R Ellicott City, Maryland
2 Beds 2 Baths 1,687 SqFt
Listing courtesy of RE/MAX Advantage Realty
$745,000
3504 Dairy Valley Trail Ellicott City, Maryland
4 Beds 4 Baths 2,711 SqFt 0.460 Acres
Listing courtesy of McEnearney Associates, Inc.
$650,000
10212 Fairway Drive Ellicott City, Maryland
4 Beds 3 Baths 2,088 SqFt 0.370 Acres
Listing courtesy of Keller Williams Flagship of Maryland
$599,000
2340 Calvin Circle Ellicott City, Maryland
4 Beds 3 Baths 2,188 SqFt 0.560 Acres
Listing courtesy of Berkshire Hathaway HomeServices PenFed Realty
$599,900
12232 Mount Albert Road Ellicott City, Maryland
3 Beds 4 Baths 3,498 SqFt 2.070 Acres
Listing courtesy of RE/MAX Advantage Realty
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