Buying in Graduate Hospital puts you close to Center City, parks, and a thriving food scene. The tricky part is sorting out closing costs before you write an offer. You want a clear number, and you want to avoid surprises on closing day.
In this guide, you will learn what closing costs include, what buyers in Graduate Hospital typically pay, how condo costs differ from rowhomes, how the process works, and simple ways to reduce your cash to close. Let’s dive in.
What closing costs include
Closing costs are the upfront fees and prepaids you pay at settlement, separate from your down payment. They usually include:
- Lender fees and the appraisal
- Title search, title insurance, and the settlement fee
- Recording and government fees
- Prepaid interest, property tax and insurance escrow deposits
- Inspections and any required surveys
- Condo or HOA transfer and document fees
- Courier, wire, and other small third‑party charges
How much to budget in Graduate Hospital
Most buyers in the Philadelphia area, including Graduate Hospital, budget about 2 to 5 percent of the purchase price for closing costs. The wide range reflects property type, lender product, escrow requirements, and who pays transfer taxes.
Quick estimates to frame the conversation:
- $350,000 condo or rowhome: roughly $7,000 to $17,500
- $600,000 townhouse or house: roughly $12,000 to $30,000
Your actual number depends on the contract, lender fees, condo items, and timing.
Cost breakdown and typical ranges
Lender fees and appraisal
- Origination, application, or processing: 0.25 to 1.0 percent of the loan amount, or $500 to $3,000 as a flat fee
- Underwriting, credit report, and verifications: small line items, credit report often $20 to $50
- Appraisal: typically $400 to $1,000, depending on property and complexity
- Discount points: optional, 1 point equals 1 percent of the loan
- Mortgage insurance options: structure can change upfront costs if you choose single‑pay or financed PMI
Title, settlement, and recording
- Title search and exam: several hundred dollars
- Title insurance premiums: based on regulated schedules and your price and loan amount; lender’s policy is required, owner’s policy is optional but common
- Settlement or closing fee: often $300 to $800
- Recording fees: a few dozen to a few hundred dollars, depending on documents
Taxes and government fees
- Realty transfer taxes: both state and city apply in Philadelphia. Who pays is set by your contract and local custom. Confirm with your agent and title company.
Prepaids and escrows
- Prepaid mortgage interest: covers interest from your closing date to the first payment date
- Escrow deposits for property taxes and homeowners insurance: often 1 to 3 months collected at closing, sometimes more if bills are due soon
- Property tax proration for the year
- First year homeowners insurance binder, if prepaid
Inspections and reports
- Home inspection: about $350 to $700
- Pest or termite: often $75 to $200
- Radon, mold, sewer scope, lead, or structural checks: done only if requested or required, typical ranges $150 to $400 per test
- Survey if required: $300 to $1,000+ based on lot and complexity
Condo and HOA items
- Condo or HOA transfer or estoppel fee: typically $150 to $500
- Resale certificate or document review: varies by association and lender requirements
- One‑time move‑in or capital contribution, if applicable
Other small items
- Attorney, if you hire one: $500 to $2,000+
- Courier, wire, notary, and compliance fees: usually $25 to $75 each
Condos vs rowhomes in Graduate Hospital
Condos
- Expect association transfer or estoppel fees and document review costs.
- Appraisals can cost a bit less, though some lenders add condo project review fees.
- Monthly HOA dues are not a closing cost, but they impact your total budget.
Rowhomes and single‑family homes
- You may choose or be required to get a survey.
- Additional inspections, like chimney or foundation, can apply based on the home.
- Property tax prorations vary by timing and assessed value.
New construction and multifamily
- New builds can involve different inspections and warranty transfer items.
- Multifamily and mixed‑use properties carry more complex underwriting and appraisal work, which increases fees.
Transfer taxes in Philadelphia
Philadelphia purchases involve both state and local transfer taxes. Who pays is a contract term and may follow local custom, but it can vary by deal. Confirm the allocation in writing early with your agent and title company so you understand your cash to close.
Timeline, documents, and what to bring
- Loan Estimate: your lender provides this within 3 business days of application.
- Closing Disclosure: you receive this at least 3 business days before settlement, with your final numbers.
- Typical steps: offer, inspections and appraisal, underwriting, Closing Disclosure, settlement.
Bring the following to closing:
- Government ID
- Certified or wired funds for cash to close, verify wire instructions with the title company directly
- Proof of homeowners insurance naming the lender as mortgagee
- Executed purchase contract and addendums
- Any lender documents requested
Security tip: verify wire instructions by calling the title company at a trusted phone number. Wire fraud attempts are common.
Ways to lower your cash to close
- Ask for a seller credit toward closing costs, subject to lender limits.
- Compare at least two lenders for rate, points, and origination fees.
- Request a lender with low or zero origination, or ask about fee waivers.
- Get itemized title quotes and ask about bundled savings.
- Explore assistance programs, such as those offered by the Pennsylvania Housing Finance Agency and periodic city programs. Many require homebuyer education.
- Adjust your closing date to reduce prepaid interest and manage escrow timing.
Sample Graduate Hospital condo budget
Here is an illustrative example for a $450,000 condo purchase in Graduate Hospital. Actual numbers depend on your lender, title company, association, and contract.
- Lender fees and appraisal: $1,500 to $4,000
- Title insurance, title search, and settlement fee: $1,000 to $3,000
- Prepaid interest and initial escrow deposits: $2,000 to $6,000
- Condo transfer or estoppel and document review: $200 to $600
- Inspections and reports: $350 to $1,200
- Recording, courier, and wire: $100 to $400
Estimated total for the buyer, excluding any transfer tax paid by the seller: $5,150 to $15,200. If your contract assigns you a portion of transfer taxes or your lender requires larger escrows, the total can be higher.
Your next step
If you want a tight, personalized estimate before you write an offer, ask for a lender Loan Estimate and an itemized title quote for your price point. Then we can align the contract terms to your budget and timeline.
Have questions or want a closing cost game plan for a specific condo or rowhome in Graduate Hospital? Reach out to Connor Gorman for a quick, local walkthrough of your numbers and options.
FAQs
What are buyer closing costs vs the down payment?
- Closing costs are fees and prepaids due at settlement, separate from your down payment. You need funds for both.
How do condo closing costs differ from rowhomes in Graduate Hospital?
- Condos often add association transfer or estoppel fees and document review costs. Rowhomes may add survey or extra inspection expenses.
When will I know my exact cash to close?
- Your lender must deliver a Closing Disclosure at least 3 business days before settlement that shows your final numbers.
Can I reduce closing costs without raising my rate?
- You can ask for seller credits, shop lenders and title companies, and time your closing to limit prepaids. Assistance programs may also help.
Do I need an owner’s title insurance policy?
- It is optional, but commonly recommended since it protects your ownership against covered title defects for a one‑time premium.
What is prepaid interest and can I lower it?
- Prepaid interest covers the days from closing to your first payment. Closing later in the month usually lowers this amount.
Are there first‑time buyer programs in Philadelphia that cover closing costs?
- State and local programs may offer down payment or closing cost help, often with income and price limits and required education courses.
Who chooses the title company in Philadelphia deals?
- The choice is negotiable and often set in the contract. You can request quotes and select a title company before you sign.
