Finally, at the closing table, Sarah and Mike had to "prepay" for certain future expenses:
Here is the story of the fees they encountered on their way to the front door: The "First Impressions" Fees fees when buying a house
: To show they were serious, they put down about 1% to 3% of the purchase price ($4,000–$12,000) into an Escrow Account , which would eventually count toward their down payment . Finally, at the closing table, Sarah and Mike
More than a Mortgage: Eight Surprising Costs of Buying a Home at the closing table
Meet Sarah and Mike. They just found their dream cottage for $400,000. They have their 20% down payment ready, but their lender just handed them a "Loan Estimate" that made them realize the sticker price was only the beginning.