Closing Your Loan Quiz

Test your knowledge and make sure you are prepared for success on closing day.

Start by educating yourself on the closing process, including how much you should expect to pay for closing costs and how to prepare for closing day.

1

What is the average time to close a loan purchase?

The average time to close a purchase loan is 43 days. Keep in mind that this can change based on the specifics of your situation.

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2

Closing costs vary, but you should expect to pay ________ of your loan amount.

Closing costs vary, but you can expect to pay 2%-5% of the loan amount. 

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3

Closing costs include various fees related to:

Closing costs are fees charged by your lender, real estate agent and other third parties involved in the homebuying transaction. The fees include various charges related to property expenses, the mortgage application process and other paperwork and administrative fees.

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4

True or false: You should know how much you will need to pay at closing once you receive loan estimate.

True. You should know how much you’ll need to pay at closing once you receive a loan estimate three business days after completing your loan application.

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5

Which of the following fees is NOT included in your closing costs?

Down payments are a large part of the upfront costs of buying a home, but they are not considered part of your closing costs. Make sure to account for your down payment and your closing costs when creating your homebuying budget.

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