 TITLE: 5 Homebuying Myths Debunked CONTENT: Myth #5: Closing Costs Will Be Outrageous\n-----------------------------------------\nIt's easy for potential homebuyers to get bogged down in all the fees that come with taking out a mortgage. Closing costs vary from lender to lender, but often include charges like the appraisal fee, home inspection fee, loan origination fee and application fee, among other things. You may also be on the hook for charges related to preparing documents, securing title insurance and running your credit.\nOverall, closing costs generally total anywhere from 2% to 5% of the home sale price. They're paid at the very end (at the \"closing table\") when signing all the final home sale documents. Spending 5% on fees alone may give you sticker shock, but again, that may not be your actual total. To be safe, it's best to save up that amount right alongside your down payment if possible. If you end up spending less in the end, think of it as extra money you can put toward other financial goals. END