What are approximate closing costs on a US mortgage?
A. This varies with lenders. Figure at least 6% of the mortgage loan amount Example: Sales price $300,000 x 50% = down payment of $150,000 Loan amount: $150,000 x 6% (estimate of closing cost) Also, a home inspection is highly recommended – ranges $300 -$500 – depends on property. (You sometimes refer to this as a “home survey”) Note: Property taxes for the current year are prorated between buyer and seller at closing.
