(For an explanation of seller’s assist, please see Making an Offer.) In order to be better able to cover your closing costs, you may want to consider a seller’s assist.

Again, this amount will be less if you are planning to pay your homeowner’s insurance and/or your property taxes in full when the bill comes as opposed to paying these bills as a portion of your monthly payment to the bank. While there are instances where the mortgage company will roll certain fees into the mortgage payment, it’s safest to assume that the entirety of closing costs will be cash. My rule of thumb is to tell buyers to figure about 4.5-5% of the purchase price OVER AND ABOVE THE DOWN PAYMENT in closing costs which is CASH-not financeable money due at closing. Please note that closing costs in Pennsylvania are much higher than in most other areas.

interest from settlement date until the end of the month.

any points you have agreed to pay in order to lower your rate (depends on points).

mortgage application or processing fees (can be as high as $900).

homeowner association capital contribution fees (often 2 months’ worth of hoa/condo fees).

title endorsements (because Pennsylvania does not require surveys–usually around $200).

tax and homeowner insurance escrows (depends on taxes and insurance amounts).

flood and tax certifications (usually around $100).title insurance (set by the state and correlated with price).mandated transfer tax (usually 1% of purchase price, but can be more).

Closing costs are the expenses other than your down payment which you need to set aside in order to settle on your new home.

Haverford township transfer tax