Closing Costs For Summerville Home Buyers

Are you wondering how much cash you will need beyond your down payment to buy a home in Summerville? You are not alone. Closing costs can feel confusing, and they vary based on your loan, timing, and the property. In this guide, you will learn what buyer closing costs include, typical ranges in Dorchester County, how to estimate your cash to close, and smart ways to reduce what you pay. Let’s dive in.

What closing costs include

Closing costs are the one‑time expenses you pay to complete your purchase. They are separate from your down payment. Typical items include:

• Lender fees: origination, underwriting, processing, appraisal, credit report, and any discount points.
• Title, closing agent, and attorney fees: title search, closing fee, recording, and title insurance policies.
• Inspections and surveys: general home inspection and any specialty inspections.
• Prepaids and escrows: prepaid interest, the first year of homeowners insurance, and initial escrow deposits for taxes and insurance.
• Taxes and recording: county recording fees and prorated property taxes.
• HOA and other fees: HOA transfer or document fees and municipal charges if applicable.

Your exact numbers will appear on your Loan Estimate early in the process and on your final Closing Disclosure before settlement.

Typical range in Summerville

As a planning estimate, buyers often budget 2% to 5% of the purchase price for closing costs. The total can shift based on your loan program, whether you purchase an owner’s title policy, the timing of your closing within the tax cycle, and insurance costs. In South Carolina, homeowners insurance and potential flood insurance can increase prepaids compared with some inland markets. Your Loan Estimate and Closing Disclosure are the definitive sources for your actual numbers.

Lender fees to expect

Your lender will itemize these on the 3‑day Loan Estimate. Common charges include:

• Origination or lender fee, often 0% to 1% of the loan amount, or a flat fee.
• Discount points, optional, paid to lower your interest rate. One point equals 1% of the loan amount.
• Underwriting and processing, typically $400 to $1,200 combined.
• Credit report, usually $25 to $75.
• Appraisal, generally $350 to $700 for a single‑family home, higher for large or complex properties.
• Rate lock or lock‑extension fees, if applicable.

Compare at least two Loan Estimates so you can evaluate both the interest rate and total fees.

Title and attorney fees in South Carolina

Closings in South Carolina can be handled by title companies or attorneys. Your closing package often includes:

• Lender’s title insurance policy, required by your lender and priced from several hundred dollars to over a thousand depending on loan amount and state‑regulated rates.
• Owner’s title insurance policy, optional but recommended to protect your equity. This is a one‑time premium at closing.
• Title search, closing, and closing attorney fees, commonly $300 to $1,000 depending on complexity.
• County recording fees for the deed and mortgage. These are modest but vary by county.

To confirm exact premiums and recording fees, consult your closing agent and Dorchester County offices.

Inspections and surveys

Inspections help you understand the home you are buying and can influence repairs or credits. Typical costs:

• General home inspection: $300 to $600.
• Wood‑destroying insect inspection: $50 to $200.
• Specialty inspections, such as roof, septic, well, HVAC, or sewer scope: $100 to $400 each.
• Radon testing: $100 to $200.
• Survey or boundary plat: $300 to $1,000 depending on lot size and complexity.

In Southern markets, a termite inspection is often recommended. If a property is in a flood zone, you may need an elevation certificate or additional documentation.

Prepaids and escrows

Prepaids are not fees. They are upfront funding for items you would pay anyway as a homeowner:

• Prepaid mortgage interest from your closing date to the start of your first payment. This is based on your loan amount, rate, and the number of days collected.
• Homeowners insurance. Many lenders require payment of the first year’s premium at closing. In South Carolina, plan for a wide range, roughly $800 to $2,000 or more depending on coverage, the home’s age and condition, and storm risk. Flood insurance may be required if the property is in a flood zone.
• Initial escrow deposits. Lenders often collect several months of taxes and insurance to fund your escrow account. The exact amount depends on your closing month and lender rules.
• Mortgage insurance prepaids if applicable. FHA loans include an upfront mortgage insurance premium that is often financed. Conventional loans may require private mortgage insurance, while VA and USDA loans have program funding fees that can be financed.

Taxes and recording in Dorchester County

Expect county recording fees for the deed and mortgage. Property taxes are prorated based on your closing date, and you will typically fund part of the tax year into your escrow account. Billing schedules influence how many months of taxes the lender collects. For the most current tax schedules and recording costs, check with the Dorchester County Treasurer, Assessor, and Register of Deeds or ask your closing agent to verify.

HOA and other fees

Many Summerville neighborhoods have HOAs. Common buyer charges include:

• HOA application, transfer, or document fees, often $100 to $400 but set by each HOA.
• Estoppel or account statements when required.
• Municipal water and sewer connection or impact fees in some new‑construction closings.

Request the HOA fee schedule early so you can plan for both closing costs and ongoing dues.

Estimate your cash to close

Use this method to build a solid planning number before you receive your Loan Estimate:

1. Choose a target purchase price and down payment percentage.
2. Estimate lender fees. Plan for 0.5% to 1.0% origination, plus an appraisal of about $500, a credit report of about $50, and $500 for underwriting and processing.
3. Estimate title and closing charges. Plan $800 to $1,500 combined for title policies, closing, and recording.
4. Add inspections and surveys. Plan $500 to $1,200 depending on the home and inspection types.
5. Estimate prepaids and escrows. Use the county assessor to approximate annual property taxes based on the home’s assessed value and request insurance quotes. You will fund the first year of insurance or initial deposits and several months of taxes.
6. Add miscellaneous items. Budget $100 to $500 for HOA, transfer, flood certification, and courier fees.
7. Subtract your earnest money deposit and any seller or lender credits.
8. The result is your planning estimate for cash to close.

Hypothetical example

• Purchase price: $350,000; Down payment 5% = $17,500.
• Lender fees and prepaids estimate: $5,250.
• Title, closing, and recording: $1,200.
• Inspections and surveys: $700.
• First year homeowners insurance and escrow cushion: $1,400.
• Initial property tax escrow and proration: $1,200.
• Miscellaneous and HOA document fees: $300.
• Earnest money deposit already paid: $5,000.
• Cash to close = Down payment ($17,500) + remaining closing costs ($10,050) − EMD ($5,000) = approximately $22,550.

This is a simple illustration. Your actual numbers will appear on your Loan Estimate and be finalized on your Closing Disclosure.

Ways to lower out‑of‑pocket costs

• Shop multiple lenders. Compare both rate and total fees on the Loan Estimate.
• Negotiate seller concessions. You can ask the seller to contribute to closing costs, subject to your loan program’s limits.
• Seek lender credits. A slightly higher rate may yield credits that offset some fees.
• Finance eligible program fees. Some loan programs allow certain fees to be rolled into the loan. This increases your balance and monthly payment.
• Compare owner’s title policy quotes. It is optional, but consider the protection it provides before declining.
• Explore assistance programs. State housing programs can help qualified buyers with down payment or closing cost support.

Timing and key documents

• Loan Estimate. Your lender must provide this within 3 business days of a completed application. Review it to understand your estimated closing costs and APR.
• Closing Disclosure. You must receive this at least 3 business days before closing. Compare it to your Loan Estimate and ask questions about any differences.
• Final closing statement. Confirm that your earnest money and all credits have been applied correctly before signing.

Local tips for Summerville buyers

• Budget both down payment and closing costs separately. Use the 2% to 5% planning rule for closing costs.
• Get at least two Loan Estimates and one title quote. Rates and fees vary.
• Check Dorchester County schedules. Tax billing timing affects how much the lender collects for your escrow.
• Secure insurance quotes early. Coverage and pricing vary by carrier, home features, and whether flood insurance is required.
• Confirm HOA fees and timelines. Some associations take time to deliver documents and may charge transfer fees.
• Order the right inspections. In our region, termite inspections are common and well worth the cost.

Ready to plan your closing?

If you want a smooth path from contract to keys, you deserve a local advisor who manages details and anticipates surprises. With decades of Charleston experience and a vetted network of lenders, closing attorneys, inspectors, and insurance pros, Amy Bolan can help you compare your options and lock in a clear cash‑to‑close plan. Reach out to Amy Bolan to get started.

FAQs

What do Summerville buyer closing costs include?

• They cover lender fees, title and attorney charges, inspections, prepaids like insurance and interest, initial escrow deposits, recording fees, and any HOA or transfer fees.

How much are closing costs on a $350,000 home?

• A planning range of 2% to 5% suggests about $7,000 to $17,500 in closing costs, plus your down payment and any prepaids; your Loan Estimate will provide actual figures.

Can a seller pay my closing costs in Summerville?

• Yes, seller concessions can be negotiated in the contract, but loan programs set limits on how much the seller can contribute.

What is the difference between down payment and closing costs?

• Your down payment reduces your loan amount, while closing costs are one‑time expenses to complete the purchase and set up taxes and insurance.

When will I know my final cash to close amount?

• Your lender must deliver a Closing Disclosure at least 3 business days before closing that finalizes your cash to close.

Do I need an owner’s title insurance policy in South Carolina?

• It is optional but commonly recommended because it protects your equity against covered title issues that may arise after closing.

How does flood risk affect what I pay at closing?

• If the property is in a flood zone, you may need flood insurance, which can increase prepaids and your escrow deposits at closing.