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Control Closing Costs Closing costs usually equal 2 to 7 percent of your home's sales price. Usually, you have to pay these costs in cash, in addition to the money you've earmarked for a down payment. Your lender may agree to add the fees to your total loan amount, though, so you can pay them off in monthly installments. Federal law requires your lender to provide a detailed estimate of your closing costs within three days after the lender receives your loan application. Start planning for these costs now, and ask the lender to include them in your loan amount if you want to minimize the amount of cash you need to close the sale. Develop a Schedule Create a Closing Plan to complete tasks on time. Everyone involved in your transaction must perform dozens of tasks before you can close on your home. Use the checklists provided to create a "Closing Plan," so you can manage the work and keep the process on track. Your Closing Plan Get ahead by organizing the tasks required for closing. Complete remaining tasks and make final arrangements. Be prepared, bring the right papers, and know what you're signing. Know the Paperwork You'll be better prepared for closing if you review the four most important closing-related documents:
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