Aja made a 20% down payment on a house and was approved for a $185,000 mortgage.Therefore,she should expect her closing costs to be about $3,700 to $12,950.

Question

Quizplus · Accepted Answer

Typically, closing costs are about 2-5% of the total loan amount. In this case, Aja made a 20% down payment on a $185,000 mortgage, which means her loan amount would be $148,000. Using the 2-5% range, her estimated closing costs would be between $2,960 and $7,400. Therefore, the statement is true.

Aja Made a 20% Down Payment on a House and Was