: Their bank required an appraisal to confirm the house was actually worth $400,000. This cost them another $350–$1,000 . The "Lender & Legal" Fees
: Their local county charged $20–$250 just to update the public records with their names as the new owners . The "Advance Payment" Fees fees when buying a house
: A title company charged about $300–$2,500 to search public records and ensure no one else could claim ownership of the home . : Their bank required an appraisal to confirm
: To show they were serious, they put down about 1% to 3% of the purchase price ($4,000–$12,000) into an Escrow Account , which would eventually count toward their down payment . The "Advance Payment" Fees : A title company
More than a Mortgage: Eight Surprising Costs of Buying a Home
Here is the story of the fees they encountered on their way to the front door: The "First Impressions" Fees
Finally, at the closing table, Sarah and Mike had to "prepay" for certain future expenses: