This is the "hidden" cost many people forget. It covers taxes, lender fees, appraisals, and title insurance. You cannot typically roll these into the loan; you need cash at the closing table.
Example: On that same $400,000 home, expect to pay in closing costs. 3. The "Day One" Reserve
Example: On a $400,000 home, a 3.5% down payment is . 2. Closing Costs (2% to 5%)
Buying a house is less about one "magic number" and more about clearing three specific financial hurdles. 1. The Down Payment (3% to 20%)
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