Expect property taxes, homeowners insurance, and lender's costs to be part of your settlement-day tab. A few days before you meet with your real estate agent, a title company representative, and your loan officer for this joyous event, you should have received from the title company a copy of your closing documents. Read these documents carefully they will include details on the closing costs that are due upon settlement.

What are closing costs?

Closing costs are lender and third-party fees paid at the closing of a real estate transaction, and they can be financed as part of the deal or be paid upfront. They range from 2% to 5% of the purchase price of a home.

What's included in closing costs?

Closing costs will cover both recurring and nonrecurring fees that are a part of your transaction.

Recurring costs are ongoing expenses that you will continue to pay as a homeowner, with a portion due upon closing.

Nonrecurring fees are one-time fees associated with borrowing money and the services that were required to purchase the property.

How to prepare for closing costs

The best time to study closing costs is when you're shopping for a lender and can compare your desired loan amount with interest rates you're offered (plus any discount points you might plan to pay upfront to lower those rates). Then use a closing-cost calculator to determine what your costs might be. The calculator will gauge your monthly mortgage payments, based on whether you're financing the closing costs into your mortgage or whether you've decided to pay them upfront.

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Information obtained from Trulia