Step 3: Mortgage Cost

Once you've made an offer and it's been accepted, it's time to understand some of the initial fees

  •  Due Diligence and Earnest Money - 1% of purchase price (typically). You will likely lose this money if you do not fulfill the purchase and sales contract. However, if you go through with the purchase and sales contract this money will be credited back to you at closing. So, that's about $2,000 on a $200,000 purchase.
    2. Home Inspection - $400.
    3. Appraisal - $450.
    4. Radon Test if necessary - $80.