Closing costs typically range from 2% to 5% of the purchase price. On a $450,000 home, that's $9,000 to $22,500. Here's exactly where that money goes.
Lender fees
Origination fee
0.5-1% of loan amount Negotiable
Discount points
0-1% of loan amount (optional) Negotiable
Application fee
$0-$500 Negotiable
Rate lock fee
Usually free or included Negotiable
Underwriting fee
$400-$900 Fixed
Third-party fees
Appraisal
$400-$700 Fixed
Title search & insurance
$1,000-$3,000 Negotiable
Survey
$300-$600 Fixed
Home inspection
$300-$500 Fixed
Recording fees
$50-$250 Fixed
Notary fees
$50-$150 Fixed
Prepaid items (not negotiable, but budget for them)
Prepaid interest Varies by rate and closing date
Homeowners insurance (first year) $1,500-$6,000+ in FL
Property tax escrow (2-6 months) Varies by county
Flood insurance escrow If applicable
Austin's Tip
"Ask for a Loan Estimate within three business days of applying. That document is required by law and gives you a standardized breakdown of all costs. Compare Loan Estimates from multiple lenders, not just the rates they advertise."