: The lender charged a fee to process and "underwrite" their mortgage application, often starting at 0.5% to 1% of the loan .
: 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 . fees when buying a house
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. : The lender charged a fee to process