Buying in Platteville and trying to make sense of closing costs? You are not alone. It is easy to mix up what is due at closing with your down payment and the prepaid items your lender will collect. In this guide, you will learn what typical buyer closing costs look like in Grant County, which fees are negotiable, and how to estimate your total with confidence. Let’s dive in.
Closing costs vs down payment
Your down payment goes toward your home’s purchase price. Closing costs are the separate fees to originate the loan, insure and record the transaction, and set up your escrow. You will pay many of these at closing, while some items are prepaid for future expenses like taxes and insurance. Plan for both in your cash-to-close.
Common buyer cost categories
Lender fees
- Origination or processing fee for underwriting your mortgage. Amounts vary by lender and can be negotiable.
- Discount points if you choose to buy down your interest rate. Optional based on your strategy.
- Application, credit report, and underwriting or commitment fees.
Who usually pays: You, though seller or lender credits can offset some costs.
Third-party services
- Appraisal to confirm property value. Cost depends on property type and complexity.
- Flood certification to check flood zone status.
- Title search and exam to verify clear ownership.
- Title insurance for the lender’s policy. An owner’s policy is optional but recommended and is a one-time premium.
- Survey if required by your lender or purchase contract.
- Escrow or closing fee charged by the title company or closing attorney.
Who usually pays: You for appraisal, lender’s title policy, and closing fee. The owner’s policy can be paid by buyer or seller based on negotiation and local practice.
Government and recording
- Recording fees to file the deed and mortgage with the Grant County Register of Deeds. Amounts are typically modest and fixed per document.
- Transfer taxes or documentary fees may apply based on state or county rules. Confirm what applies in Wisconsin and Grant County for your deal.
Who usually pays: It depends on your contract and local custom. Many items are negotiable.
Prepaid items and escrows
- Prepaid interest from your closing date to your first payment.
- Property tax proration based on the closing date and local billing cycle in Wisconsin.
- Homeowners insurance premium for the first year or binder, plus initial escrow deposits for taxes and insurance.
- Mortgage insurance upfront charges if your loan program requires it.
Who usually pays: You. The proration between buyer and seller depends on timing.
Inspections and extras
- General home inspection and any specialized inspections like radon, well, septic, or pest as needed.
- HOA transfer or document fees when applicable.
Who usually pays: You, unless negotiated otherwise.
Who pays which fees
There is flexibility in Wisconsin. Many fees are custom-based and negotiable in your offer. The seller might cover certain costs through concessions, and you can seek lender credits in exchange for a slightly higher rate. Always confirm responsibilities in the purchase contract and align with your loan program’s rules on seller-paid costs.
How much to budget
Closing costs often range from about 2 to 5 percent of the purchase price. In many Midwestern, lower-cost markets, totals can land toward the lower end of that range. Your exact number depends on your loan type, price point, insurance and tax timing, and which fees you negotiate.
Quick estimate method
- Start with a percentage estimate: purchase price times 2 to 5 percent.
- Add fixed items: inspection, appraisal, and any known title or recording fees.
- Include prepaids and escrows for taxes, insurance, and interest.
- Subtract any seller concessions or lender credits.
Label this as an estimate and refine it with quotes from your lender and title company.
Platteville examples
- Example A: $200,000 purchase at an estimated 2.0 percent puts closing costs near $4,000, excluding your down payment. That could include an appraisal, inspection, lender fees, title and recording, and a small amount of prepaids.
- Example B: $350,000 purchase at 2.5 percent puts closing costs near $8,750. Your mix will vary based on title premiums, lender fees, and escrow needs.
These examples are for budgeting only. Always confirm exact amounts with your lender and closing agent.
Get your real numbers
- Apply with your chosen lender. You will receive a Loan Estimate within three business days of application.
- Request a title fee and closing fee quote from a Platteville or Grant County title company or closing attorney.
- Ask your lender for an escrow estimate, including the initial cushion and monthly breakdown.
- Get inspection bids and confirm the appraisal fee.
- Ask for a property tax proration estimate based on the most recent bill and your expected closing date.
Platteville local factors
- Recording fees: Check the current schedule with the Grant County Register of Deeds before you finalize a budget.
- Property tax timing: Wisconsin tax billing can vary. The Grant County Treasurer or City of Platteville Treasurer can explain local billing cycles and typical proration methods.
- Transfer tax or special fees: Verify any Wisconsin or county transfer requirements with your closing agent.
- Loan programs: Explore WHEDA and USDA Rural Development options if you are eligible. Local lenders and credit unions often offer variations that may include closing cost credits.
- Closing agents: Many Wisconsin closings are handled by title companies or attorneys. Fees can vary, so get more than one quote.
- University town nuance: With UW–Platteville nearby, some properties may require added attention to inspections, insurance coverage, or HOA rules, especially for multi-unit or condo purchases.
Ways to lower costs
- Ask for seller concessions within your loan program limits.
- Compare two or three lenders for origination fees, points, and potential credits.
- Shop title and closing services. Premiums and fees can vary.
- Consider rate versus credits. A slightly higher rate might reduce your upfront cash to close.
- Discuss whether any fees can be financed into the loan under your program, understanding the long-term interest cost.
Pre-closing checklist
- Get your Loan Estimate and compare at least two lender quotes.
- Confirm your escrow setup and initial deposit requirements.
- Order title and closing fee quotes from local providers.
- Schedule your home inspection and any specialized inspections early.
- Secure homeowners insurance quotes and bind coverage before closing.
- Review the most recent property tax bill and how proration will be handled.
- Ask about any HOA transfer or document fees.
- Review your Closing Disclosure carefully and compare it to your Loan Estimate.
Disclosures and timing
Federal rules from the CFPB require two key documents that help you plan cash-to-close with clarity:
- Loan Estimate: Your lender must deliver this within three business days of your application. It outlines estimated interest rate, monthly payment, and closing costs.
- Closing Disclosure: You must receive this at least three business days before closing. It shows the final numbers so you can confirm funds and ask about any changes.
If figures shift, ask your lender and closing agent to explain the differences and whether they fall within permitted tolerances.
Ready to plan your closing?
A clear estimate removes stress and helps you negotiate from a position of strength. If you want a tailored cost breakdown for a specific Platteville property, our team can coordinate lender and title quotes and help you understand your options. Connect with Lovell & Co. for a confident path to the closing table.
FAQs
What are buyer closing costs in Platteville?
- Closing costs are the fees to originate your loan, insure and record the property transfer, and set up your escrow. They are separate from your down payment.
How much should I budget for closing costs?
- A common estimate is 2 to 5 percent of the purchase price, plus fixed items like inspection and appraisal, adjusted for credits and prepaids.
What is the difference between prepaids and closing costs?
- Prepaids fund future expenses like interest to your first payment, taxes, and insurance escrows, while closing costs cover services and fees for your transaction.
Can the seller pay some of my costs?
- Yes, seller concessions are possible within your loan program’s limits and based on your negotiated contract.
When will I know my exact cash to close?
- You will get a Loan Estimate within three business days of application and a final Closing Disclosure at least three business days before closing.
Which fees are negotiable?
- Lender origination charges, discount points, title and closing fees, and who pays the owner’s title policy can often be negotiated or offset with credits.
Who sets recording and transfer fees in Grant County?
- Recording fees are set by the Grant County Register of Deeds. Confirm any transfer taxes or special fees with your closing agent and county offices.
