Closing costs and Appraisals - Posted by Walt

Posted by dewCO on November 10, 2001 at 20:18:34:

The closing costs on a tradional loan usually come out to about 3% of the purchase price, but they aren’t figured as a percentage item—each has it’s own “actual” cost, i.e., the appraisal will be about $350, the processing fee will be about $150, etc., etc.

The lender will order the appraisal, after you’ve done your inspection (which is after you have an accepted contract), and paid the lender for the appraisal.

Closing costs and Appraisals - Posted by Walt

Posted by Walt on November 10, 2001 at 18:34:24:

I have two questions:

  1. Is their a percentage charged for closing costs? And if so what is it?

  2. At what point do you get an appraisal? When the offer is accepted or before?