Don’t get caught off guard by closing costs

Before you make the jump into homeownership, it pays to do your homework. Beyond saving for a down payment, have you thought about budgeting for closing costs? From taxes and fees to title insurance policies – there are plenty of moving parts involved with purchasing your first home that can sneak up on unsuspecting buyers if they’re not prepared. Knowing what these expenses look like ahead of time will ensure smooth sailing when finalizing those last few steps before getting the keys!

Closing costs are an assortment of fees and payments associated with your transaction – from government recording charges to credit report expenses and even attorney cost. These vary depending on where you live or what exactly is being purchased but typically include appraisal, lender origination, title services, tax service fees etcetera as outlined by Freddie Mac!

When it comes to buying a home, having an idea of the closing costs is essential. Experts estimate these can range anywhere from 2-5% of the total purchase price – that’s why planning ahead and budgeting correctly so you don’t get caught out when signing on those dotted lines!

Mulling over purchasing a new home? If it costs the median price of $366,900 you could be looking at closing fees ranging from about $7.5K all the way up to nearly 19 grand! But don’t forget – if your desired place is above or below this price range, those numbers will adjust accordingly.

The key to a successful close is having the right team behind you. Working with an experienced real estate agent and lender can help ensure that your closing costs are taken care of, leaving nothing in question by settlement date. Having those trusted professionals there to answer all of your questions makes sure everything goes smoothly!

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Diane Casey Luong Realtor does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Diane Casey Luong will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.