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!