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In Washington D.C., for example, home buyers pay as much as 3.9% of the total sales price, while closing costs in Missouri are only 0.9%. But this compensation does not influence the information we publish, or the reviews that you see on this site. However, there are a few things you can do up front to minimize how much you pay. What Are Closing Costs and How Much Will I Pay? - Better Money Habits Well give you some tips about that later. KBHS Home Loans, LLC NMLS 1542802 (www.nmlsconsumeraccess.org) Headquarters: 300 East Royal . Yes, seller concessions can make the appraisal process difficult. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. Closing costs are a collection of fees required to set up and close a new mortgage. Private real estate attorneys charge by the hour and rates vary based on their level of expertise and services provided. If youre getting a mortgage from a private lender, like a bank or mortgage company, you often have to pay private mortgage insurance (PMI) if youre contributing less than the standard 20 percent down payment on the home. Note, that if youre selling, most of your closing costs are related to real estate agent commissions, though the buyer may ask you to cover some of their closing costs as part of the negotiation. You wont need to pay any lender or mortgage fees (obviously), but youll be responsible for real estate attorney fees, title and homeowners insurance and the cost of a home inspection. FHA Loan closing costs. Sellers often pay real estate agent commissions, title transfer fees, transfer taxes and property taxes. Closing costs can vary significantly based on the type of loan you choose. Sellers also can offer to pay closing costs, buy down your interest rate, or pay homeowner or condominium association dues for a few months. George Walker Bush (born July 6, 1946) is an American retired politician who served as the 43rd president of the United States from 2001 to 2009. Seller concessions are closing costs that the seller agrees to pay and can reduce the amount of cash you need to bring on closing day.