Before they could even finish the paperwork, Sarah and Mike had to open their wallets for early due diligence:
: The lender charged a fee to process and "underwrite" their mortgage application, often starting at 0.5% to 1% of the loan . fees when buying a house
: Their local county charged $20–$250 just to update the public records with their names as the new owners . The "Advance Payment" Fees Before they could even finish the paperwork, Sarah
Meet Sarah and Mike. They just found their dream cottage for $400,000. They have their 20% down payment ready, but their lender just handed them a "Loan Estimate" that made them realize the sticker price was only the beginning. They just found their dream cottage for $400,000
: A title company charged about $300–$2,500 to search public records and ensure no one else could claim ownership of the home .
