![]() ![]() Current HOA Fees: These fees may vary depending on your community.The property survey may cost between $500 and $800. Property Survey Fee: Some lenders may require you to conduct a survey of the home to learn about the property and any easements.This cost will pay for a third party to certify if the property is located in a flood zone. Flood Certification: Buyers must also cover the flood certification fee.Delaware charges a 0.529% property tax rate from the property assessed value which may vary on a county and city basis. Property Taxes: Most lenders will ask you to prepay your property taxes.Typically, this tax liability is split evenly between buyers and sellers unless otherwise agreed. Transfer Taxes: The state of Delaware charges a transfer tax rate of 4% of the sale price.Typically, these costs are split evenly between buyers and sellers. Closing or Escrow Fees: These fees will cover the transfer of funds from escrow.Owner’s Title Insurance: While it isn’t required, you may consider getting an owner’s title insurance policy to protect yourself from problems with your property title.The cost may vary depending on the property value. Lender’s Title Insurance: Lenders may require you to buy lender’s title insurance to protect them against problems with your title.Lenders should charge around $30 for pulling your credit report. Credit Report Fee: To approve your loan, your lender needs to learn as much as they can about your finances, credit score, and history.The fees should total around $500 depending on the value of your property. Deed and Mortgage Recording Fees: After signing the deed and mortgage to the property, these documents must be registered at your local register office.Title Examination Fee: In order to transfer the property to your name, the lender must search the property title to make sure no one has a claim to it besides the current owner.The home appraisal fee should range between $400 and $600. ![]() Home Appraisal Fee: Before closing on your home, the appraiser must provide a value for your property so the lender knows the current market value of your home.Origination fees are typically about 1% of your loan amount. Lender Origination Fee: Buyers pay this fee to cover all lender’s home loan processing fees.However, you may obtain a general idea by understanding the most common fees your lender may charge you when closing on your home.ĭon’t know where to start? Here are the typical closing costs Delaware buyers may need to cover to purchase their dream home. There’s no one-size-fits-all formula to crunching your closing costs numbers. One of the best ways to lower your interest rate? Shop around and compare lenders! Fill out the form below for a quote from a licensed, local lender – even if you’re pre-approved it pays to compare.Ĭommon Closing Costs for Delaware Home Buyers Over the life of the loan, a few small percentage points can result in hundreds of thousands of dollars in interest payments. ![]() While closing costs can be expensive, one of the largest mortgage expenses is the interest rate. Location and property may influence your costs. If you decided to buy a Delaware home priced at the state median listing price of $289,500, you would pay between $5,790 and $14,475 in closing costs. Typically, buyers pay between 2% to 5% of the purchase price in closing costs. However, this study didn’t factor in variable fees such as homeowners insurance, property taxes, transfer taxes, escrow fees, discount points, home buyer Appraisal fees, home inspection fees, property taxes, and transfer taxes are some of the fees included in your closing costs.Īccording to recent data from Bankrate, Delaware buyers pay around $2,358 in closing costs. Closing Costs for Delaware Homes: What to Expectīesides your down payment, you'll pay your closing costs to purchase your home. Want to learn everything about the closing-related costs to buy your dream home? Keep reading for your guide to Delaware real estate closing costs. Want to connect with a top-rated, Delaware buyer’s agent? Clever can help! Fill out our online form and we’ll be in touch to answer any questions you might have and introduce you to one of our local Partner Agents for a no-obligation consultation. A realtor can even offer a rough estimate of your closing costs according to the property and Before pulling the trigger, home buyers must do their homework to understand the home buying process and its costs.Īn experienced Delaware real estate agent can provide insight into what to expect during your home buying journey when it comes to the process and its costs. Closing costs are a large chunk of your initial costs to buy a Delaware home. Believe it or not, your down payment isn’t the only home buying cost you must cover to close on your dream home. ![]()
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