Average closing costs in Idaho

This guide will equip you with the knowledge to navigate the closing cost mountain passes and confidently claim your perfect huckleberry pie paradise.

I. Unearthing the Hidden Gold Nugget:

Closing costs, those additional expenses beyond the purchase price that finalize the property transfer, can feel like a hidden gold nugget in the Snake River. In Idaho, these costs can range from 1.03% to 5% of the purchase price, with an average of $2,789 for a $271,181 home according to ClosingCorp.

Several factors influence your final closing cost, including:

  • Buyer vs. Seller: Sellers typically have higher closing costs due to real estate commissions and additional fees.
  • Property type: Single-family homes typically have higher closing costs than condos or townhouses.
  • Property location: Costs can vary by city, county, and even specific neighborhoods.
  • Loan type: FHA loans generally have higher closing costs than conventional loans.
  • Down payment amount: A larger down payment reduces the loan amount and associated closing costs.
  • Negotiation: Certain fees may be negotiable with the seller, lender, or service providers.

II. Exploring the Scenic Byways:

Let’s break down the common closing costs you might encounter in Idaho:

For Buyers:

  • State conveyance tax: 0.5% of the purchase price, paid to the state for recording the property deed.
  • County real property tax prorations: Covering the remaining portion of the year based on the closing date.
  • Origination fees: 0.5-1% of the loan amount, covering the lender’s processing costs.
  • Appraisal fees: $400-$600, for a professional assessment of the property’s value.
  • Underwriting fees: $300-$500, to evaluate your creditworthiness and loan risk.
  • Credit report fees: $25-$50, for obtaining your credit history.
  • Title insurance: Protects the lender’s interest, typically costing 0.5-1% of the purchase price.
  • HOA fees: Applicable for condos or communities with shared amenities.
  • Prepaid costs: Property taxes, homeowner’s insurance, and interest payments prorated based on the closing date.

For Sellers:

  • Real estate commissions: Typically 6% of the purchase price, divided between the listing and selling agents.
  • Title insurance: Protects the buyer’s interest, typically costing 0.5-1% of the purchase price.
  • Attorney fees: Optional, but recommended for complex transactions, typically ranging from $500 to $1,500.
  • Outstanding liens or judgments: Must be satisfied before the property can be sold.
  • Prepaid costs: Property taxes and HOA dues paid in advance but not used by the seller.
  • Homeowner’s association closing fees: Applicable for properties in communities with shared amenities.

Other potential fees:

  • Survey fees: $300-$500, to verify property boundaries and avoid encroachments.
  • Courier fees: For document delivery and processing, fees can vary depending on the service provider.

III. Mastering the Mountain Trails to Savings:

Understanding these factors is key to minimizing your closing costs:

  • Sellers: Negotiate your real estate commission and consider offering buyer credits to cover closing costs.
  • Buyers: Shop around for lenders and compare closing cost estimates.
  • Both: Consider a larger down payment, negotiate certain fees, and explore first-time homebuyer programs or down payment assistance options offered by the Idaho Housing and Finance Agency.

IV. Cost-Saving Strategies for Savvy Idahoans:

Be proactive and utilize these strategies to trim your closing cost campfire wood:

  • Get pre-approved to lock in interest rates and avoid potential cost adjustments.
  • Negotiate like a pro, don’t be afraid to ask questions and raise concerns about any fees.
  • Compare and contrast insurance quotes to find the best deal on homeowner’s insurance.
  • Ask for lender credits based on your creditworthiness or loan type.
  • Time your closing to avoid prorated taxes or insurance.


Q: What are closing costs?
A: Closing costs are the fees and expenses associated with the purchase or refinance of a property and are paid at the closing of the real estate transaction. These costs typically include lender fees, appraisal fees, title insurance fees, attorney fees, and other miscellaneous charges.

Q: How much are the average closing costs in Idaho?
A: The average closing costs in Idaho typically range from 2% to 5% of the loan amount. However, the actual amount can vary depending on factors such as the purchase price of the property, loan type, and specific transaction details.

Q: What fees are included in closing costs in Idaho?
A: Closing costs in Idaho may consist of several fees, including but not limited to lender origination fees, appraisal fees, title search and insurance fees, attorney fees, recording fees, escrow fees, and prepaid items such as property taxes and homeowners insurance.

Q: Can closing costs be negotiated in Idaho?
A: Yes, some closing costs may be negotiable in Idaho. For example, the homebuyer can potentially negotiate the lender fees or choose a different provider for certain services such as title insurance. It is advisable to compare offers from different lenders and service providers to potentially save on closing costs.

Q: Are there any specific regulations or requirements regarding closing costs in Idaho?
A: While there aren’t specific regulations or requirements regarding closing costs in Idaho, it is important for homebuyers to be aware of their rights and responsibilities. Working with a reputable lender and being proactive in understanding the details of the closing costs can help ensure a smooth transaction. It is also recommended to consult with a real estate professional or attorney for guidance throughout the closing process.

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