Wondering how much cash you will need at the closing table in Maryville beyond your down payment? You are not alone. First-time buyers and relocating professionals often find closing costs confusing, especially when customs vary by county and loan type. In this guide, you will see what those costs cover, what buyers in Blount County typically pay, how to reduce your out-of-pocket total, and a few simple examples to help you plan. Let’s dive in.
What closing costs cover
Closing costs are the one-time expenses due when you finalize your home purchase. They fall into a few clear buckets:
- Lender fees: Origination, underwriting, processing, discount points if you choose to buy down your rate, and a credit report.
- Third-party services: Appraisal, home inspections, survey, and any pest, well, or septic checks if needed.
- Title and recording: Title search and insurance, closing or escrow fee, and county recording charges for the deed and mortgage.
- Prepaid items and escrow: Your first year of homeowners insurance, prepaid interest from your closing date to month-end, and initial reserves for property tax and insurance if your lender escrows.
- HOA items: If applicable, transfer fees, prorated dues, or document packages.
What buyers typically pay in Maryville
In many Tennessee transactions, buyers pay lender-related charges, the appraisal, inspections, the lender’s title insurance policy, and county recording fees. Sellers commonly cover the owner’s title insurance policy and real estate commissions. Customs can vary by price point and market conditions, and they are negotiable. Always confirm who is paying each item with your agent and the title company before you sign the contract.
How much to budget
As a quick rule of thumb, plan for buyer closing costs equal to about 2 to 5 percent of the purchase price. Your exact number depends on your loan type, the day of the month you close, whether you escrow taxes and insurance, and how you negotiate the contract. For exact figures, request a written Loan Estimate from your lender and review your final Closing Disclosure before settlement.
Your main line items
Here is what you will likely see on your Loan Estimate and Closing Disclosure:
- Origination and lender fees: A flat amount or a percent of your loan amount. Sometimes offset with lender credits in exchange for a higher rate.
- Discount points: Optional prepaid interest. One point equals 1 percent of the loan amount and typically lowers your rate.
- Appraisal: Required by most lenders. Amount varies by property size and complexity.
- Home inspection(s): Optional but strongly recommended. Total depends on home size and scope.
- Title search and insurance: Lender’s policy is required with a mortgage. An owner’s policy is optional in some markets and may be paid by the seller by local custom.
- Closing or escrow fee: Charged by the title company or closing attorney.
- Recording fees: Charged by Blount County to record your deed and deed of trust. Amounts change, so verify current figures with the county.
- Prepaid items and escrow reserves: First year of insurance, prepaid interest, and a few months of tax and insurance reserves if your lender requires escrows.
To understand these numbers, review the CFPB’s plain-English guides to the Loan Estimate and the Closing Disclosure.
Example estimates for Maryville
Estimates — actual amounts vary by loan type, lender, and timing. Request a Loan Estimate and your final Closing Disclosure for exact figures.
| Scenario | Purchase price | Estimated buyer closing costs | What is included |
|---|---|---|---|
| A | $300,000 | About $7,500 (2.5%) | Loan fees, appraisal, lender’s title policy and closing fee, first year insurance, prepaid taxes and reserves, inspections, recording, misc. |
| B | $450,000 | About $11,250 to $13,500 (2.5% to 3%) | Similar categories as A, with title-related costs that scale with price. |
How concessions change cash to close: If the seller agrees to $5,000 in concessions on Scenario A, your cash to close for costs would drop from about $7,500 to about $2,500, plus your down payment.
Ways to lower cash to close
- Negotiate seller concessions: Ask the seller to cover part of your closing costs within lender limits for your loan type.
- Use lender credits: Accept a slightly higher interest rate in exchange for a credit that offsets fees.
- Consider a no-closing-cost option: Some lenders structure loans where they cover fees and you accept a higher rate. Compare the long-term cost.
- Shop lenders and title services: Request at least two or three Loan Estimates. Compare both cash to close and monthly payment.
- Explore down payment assistance: The Tennessee Housing Development Agency offers programs for eligible first-time and income-qualified buyers. Start with THDA homebuyer programs.
- Target your inspection scope: Do the inspections you need for confidence and loan approval, avoid unnecessary add-ons.
- Split or reassign fees: Ask the seller to pay certain title or HOA fees as part of your offer strategy.
When you will know your number
- After you apply for a mortgage, your lender must provide a Loan Estimate within three business days that outlines estimated closing costs and your projected cash to close.
- At least three business days before settlement, you must receive a final Closing Disclosure. Review it line by line to confirm the numbers, then ask questions early if something looks off. The CFPB explains the Closing Disclosure timeline and details.
Local tips for Blount County buyers
- Recording fees: Blount County sets recording charges for deeds and mortgages. Ask your title company to confirm current rates before you finalize your offer.
- Property taxes: Homes in Maryville can have county taxes and, if inside city limits, municipal taxes. Confirm tax rates and billing cycles with the Blount County Trustee and the City of Maryville.
- Insurance: Proximity to the Smokies and local weather patterns may affect premiums. Get quotes early so your escrow and monthly budget are accurate.
- HOA considerations: For properties in an HOA or POA, ask early about transfer fees, prorated dues, and any initiation charges.
Quick prep checklist
- Get pre-approved and request a written Loan Estimate from each lender you are comparing.
- Gather documents: photo ID, recent pay stubs and W-2s, two months of bank statements, and full contact info for your insurance agent.
- Clarify earnest money and final funds: know how and when to wire or deliver certified funds to closing.
- Confirm whether you will escrow taxes and insurance, and how many months of reserves your lender will collect.
- Schedule appraisal and inspections early to avoid rush fees.
- Review your Closing Disclosure as soon as it arrives and ask for corrections right away if needed.
Ready to run the numbers?
If you want a clear estimate tailored to your price range, loan type, and target neighborhoods in Maryville, you are in the right place. Request a free estimate of expected closing costs and cash to close, and get help negotiating seller concessions that fit today’s market. Connect with Nancy Keith to get started.
FAQs
How much are buyer closing costs in Maryville, TN?
- Plan for about 2 to 5 percent of the purchase price, plus your down payment and any prepaid reserves, with exact amounts shown on your Loan Estimate and Closing Disclosure.
Who usually pays which closing costs in Blount County?
- Buyers typically pay lender fees, appraisal, inspections, lender’s title policy, and recording, while sellers often pay the owner’s title policy and commissions, and all items are negotiable.
Can you roll closing costs into your mortgage?
- Some fees can be financed or offset with lender credits or a no-closing-cost option, which usually means a slightly higher interest rate in exchange for lower upfront cash.
What programs help first-time buyers in Tennessee?
- The Tennessee Housing Development Agency offers mortgage and down payment assistance for eligible buyers, so check THDA homebuyer programs for current options and requirements.
When will you see your final closing numbers?
- Your lender must send a Loan Estimate within three business days of application and a final Closing Disclosure at least three business days before closing.
What happens right after closing in Maryville?
- The title company funds the loan, records the deed and deed of trust with Blount County, you receive keys per your contract, and your first payment usually starts the following month.
