| So whether you're looking to purchase your first | | | | certification, underwriting fee, processing fee, |
| home or are in the market to buy a new home | | | | origination and discount points. On average, |
| you have to consider the costs. How much | | | | mortgage fees will cost around $1000 assuming |
| money are you going to need to take the plunge | | | | you are not paying points to buy down your |
| or make a move? If you're living in Philadelphia, | | | | interest rate and are looking at homes priced |
| closing costs are more than just a chunk of | | | | $500,000 or below. Real estate priced higher will |
| change. | | | | have higher fees associated with the purchase. |
| Buyers and sellers of Philadelphia real estate are | | | | Don't forget about the title fees. These are |
| faced with 4% realty transfer tax. This tax | | | | additional costs you need to anticipate and the |
| consists of 3% Philadelphia tax and 1% state tax. | | | | most expensive being title insurance. This |
| Each is shared between the buyer and seller. | | | | premium is determined by the amount of money |
| From the start, buyers need to understand | | | | being financed and can be rather pricey. The |
| transfer tax alone will cost 2% of the sale price. | | | | more expensive the home, the more expensive |
| In addition you will be responsible for paying | | | | the title insurance premium you can expect. Other |
| mortgage fees. These will vary from lender to | | | | common title fees include: notary fee, |
| lender, but usually include the following: appraisal | | | | endorsements, recording fees, closing protection |
| fee, credit report fee, tax service fee, flood | | | | fees, etc. |