Wondering how much cash you need at the closing table in Media? You are not alone. Closing costs can feel confusing, especially when you hear different numbers from friends in other parts of Pennsylvania. In this guide, you will see what buyers in the Borough of Media typically pay, what drives those costs, and how to plan with confidence. Let’s dive in.
Closing cost basics in Media
Closing costs are the one-time fees you pay to get the keys, separate from your down payment. In Media and across Delaware County, buyers commonly budget about 2 to 5 percent of the purchase price for closing costs. Your exact number will depend on your loan type, whether you pay discount points, local transfer taxes, and how your lender sets up escrows.
Many fees are standard across the country, like lender charges, appraisal, and prepaid interest. Other items are local, such as transfer taxes, recording fees, and any borough-specific charges. For precise numbers, you will confirm with three sources: Delaware County offices, the Borough of Media, and your lender and title company.
Local taxes and fees
Transfer tax and who pays
Pennsylvania applies a realty transfer tax that may include portions to the state, Delaware County, and the Borough of Media. Who pays is negotiable in your purchase contract and can vary by local custom. Confirm the current rate and payment split through the Delaware County Recorder of Deeds and the Media municipal office, and make sure the contract reflects the agreement.
Recording fees
The county charges to record deeds and mortgages. Expect roughly 50 to 200 dollars depending on the number of pages and documents recorded.
Property tax proration
Property taxes are prorated at closing. If the seller has already paid part of the tax year, you reimburse them for your share based on the closing date and the actual tax bill. Ask for the most recent tax bills and verify schedules with the county tax office or the Borough of Media.
Note: Some “Media” mailing addresses fall in nearby townships rather than the Borough. Always confirm the exact municipality to ensure you are using the right tax and fee schedules.
Lender fees and loan-driven costs
If you are financing, expect these typical items:
- Origination or processing: often 0.5 to 1.0 percent of the loan amount, or a flat fee.
- Underwriting, credit report, verifications: small flat fees, with credit often under 50 dollars.
- Appraisal: commonly 300 to 700 dollars, higher for larger or complex homes.
- Discount points: optional. One point equals 1 percent of the loan amount and lowers your interest rate.
- Mortgage insurance: required for many conventional loans with less than 20 percent down. It can be upfront, monthly, or both.
- Prepaid interest: covers interest from closing through month-end and depends on your closing date.
Your lender must provide a Loan Estimate within three business days of application and a Closing Disclosure at least three business days before closing.
Title insurance and settlement
Title and settlement services protect your ownership and coordinate the closing.
- Title insurance: A lender’s policy is usually required if you have a mortgage. An owner’s policy is optional but commonly purchased to protect your ownership. A typical owner’s policy can range around 0.5 to 1.0 percent of the purchase price, paid once at closing. A lender’s policy is smaller and based on the loan amount.
- Settlement or closing fee: Usually 300 to 1,500 dollars depending on the provider and complexity.
- Administrative items: escrow administration, courier, document prep, or wire fees often total 100 to 500 dollars.
Inspections and certifications
Inspections help you understand the home and your risk.
- General home inspection: about 300 to 600 dollars.
- Wood-destroying insect (termite): typically 75 to 250 dollars.
- Septic, well, or sewer scope: varies based on property needs.
- Flood certification: often under 20 dollars.
Insurance, escrows, and association fees
- Homeowners insurance: The first year’s premium is usually due at closing. Your cost depends on coverage and property specifics.
- Escrow setup: Lenders often collect 2 to 6 months of property taxes and insurance to seed the escrow account.
- HOA or condo fees: Some associations charge transfer or move-in fees, commonly 100 to 300 dollars or more depending on the community.
Sample closing cost examples
The following are hypothetical examples to help you budget. Your actual costs will vary based on your loan, contract, and the property.
Example A: $300,000 home, 20 percent down
- Estimated closing costs around 2.5 percent: about $7,500
- Lender fees and points: $2,000
- Appraisal and credit: $500
- Title insurance and settlement: $2,000
- Recording and municipal charges: $200
- Prepaids and escrow deposits: $2,300
- Inspections and other: $500
Example B: $500,000 home, buyer pays 1 point
- Estimated closing costs around 4 percent: about $20,000
- Higher costs reflect the discount point, larger escrow deposits, and a higher title premium tied to the purchase price.
Ways to plan and save
- Compare lenders: Request detailed fee quotes and interest rate options with and without points.
- Compare title companies: Ask two local providers for estimates on title premiums and settlement fees.
- Consider seller concessions: You can negotiate for the seller to cover some closing costs, subject to loan limits and contract terms.
- Time your closing: Closing later in the month can reduce prepaid interest. Discuss timing with your lender.
- Explore assistance: State and local programs may help eligible buyers with down payment or closing costs. Ask about Pennsylvania Housing Finance Agency options and check with a local lender for eligibility.
Action checklist for Media buyers
- Ask your agent for the most recent property tax bills and any HOA or borough fees for the home.
- Confirm transfer tax rates and who pays by contacting the Delaware County Recorder of Deeds and the Borough of Media.
- Get preapproved and review your Loan Estimate to see lender fees, points, and prepaids.
- Request a title and settlement cost estimate from a local Delaware County title company or settlement attorney.
- If eligible, contact PHFA or a local housing counselor about closing cost assistance.
- Compare at least two lenders and two title providers, then choose the best overall value.
- Review your Closing Disclosure carefully three days before settlement and ask your settlement agent to explain any unfamiliar line items.
Next steps
Closing costs in Media follow a clear logic once you see how local taxes, lender fees, title, and prepaids fit together. With a realistic 2 to 5 percent budget, plus early quotes from your lender and title company, you can plan with confidence and avoid surprises.
If you want a steady guide from offer to keys, connect with Ainlay Dixon for calm, local-first advice and proactive transaction management.
FAQs
Who pays the transfer tax in Media?
- It depends on the contract and local custom. Confirm the purchase agreement and verify the county and borough transfer tax rates before you sign.
When will I know my exact closing costs?
- Your lender must issue a Loan Estimate within three business days of your application and a Closing Disclosure at least three business days before closing. Title will also provide a settlement statement.
Are owner’s and lender’s title insurance both required?
- A lender’s policy is usually required if you have a mortgage. An owner’s policy is optional but commonly purchased to protect your ownership.
Can I roll closing costs into my mortgage?
- Some fees can be financed or paid by the seller as concessions, depending on your loan and contract. Financing increases your loan amount and total interest.
Are there programs that help with closing costs in Delaware County?
- Yes. State programs through PHFA and sometimes county or local non-profits offer assistance for eligible buyers. Ask a local lender or agent about your options.
