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How much are closing costs?
Two costs home buyers need to be concerned with is the down payment on the home purchase and closing costs. Closing costs are third party costs such as title charges, transfer stamps, appraisal fees, home inspection fees, points, government recording charges, and other third party charges that go along with the purchase and mortgage loan origination costs. The down payment is easy to figure out because it is a set percentage of the home purchase price such as 3.5% down payment for a FHA loan and 5% down payment for a conventional loan. However, every county and state has different closing costs. Most closing costs is between 2% to 5% of the home purchase price. Here is a detailed article explaning closing costs and hopefully this article will clarify matters.


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