Need Advice on Closing Costs?

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Real Estate

 

As you search for a new home, it's always a good idea to factor in the closing costs so you can properly plan and manage your finances. In general, you can expect to pay 2-5% of the purchase price in closing costs, not including the down payment.

 

Closing costs can include the following:

·         Down Payments
20% of the purchase price depending on your qualifications and loan choice

·         Earnest Money Deposit 
The money put down when a contract is written - usually goes into an escrow account

·         Lender Fees 
Includes charges for loan processing, underwriting, and preparation

·         Third-party Fees 
Includes charges for insurance, title insurance, title search, appraisal fees, and other inspections

·         Government Fees 
Includes deed recording and state mortgage taxes

·         Escrow & Interest Fees 
Include homeowner's insurance, loan interest, real estate taxes, home warranties, and prepaid interest

·         Property Taxes
Capital tax based on the estimated value of the property

 

Please do not hesitate to contact me when you are ready to take the next step. I look forward to assisting you!