Nobody likes last-minute surprises…so it’s essential to plan ahead for the out-of-pocket costs you’ll have with your mortgage. Of course, you’ll have a down payment, but there are other costs to budget for. Here are some of the most common ones, but we be sure to talk with your loan officer about the closing costs to expect based on your unique circumstances.

For one, when you find the right place, your agent may tell you to write a check for an earnest money deposit to let the seller know that you’re serious and boost the odds of them picking your offer over others.

You’ll also get an appraisal and home inspection, typically $300 to $600, but prices range based on the average rate in your local area and if the property is complex—very complex properties will have greater out-of-pocket costs than the average. And you may or may not need an inspection depending on your circumstances.

The phrase “closing costs” refers to all the fees and expenses associated with closing a real estate transaction. They vary significantly, as they are typically split and portions covered by both the buyer and seller in the transaction. It’s also not uncommon for sellers to agree to pay some or all of the buyer’s closing costs. As to what you can expect for closing costs, buyer’s closing costs generally pay about 2% – 5% of the home’s price in closing costs.