Let's talk about closing costs associated with buying a home. You probably understand that you will need to have a down payment in order to close on your new home. Most likely, you have factored in this amount and have saved it or are currently saving for your “down.”  However, from our experience, many buyers we have worked with do not understand that there are other fees associated with a home buying transaction that go over and above the down payment.

To be sure you are prepared when the time comes, we wanted to provide you a list of some of the additional costs you need to be ready to have in hand. Possible fees are referred to as closing costs and/or pre-paids.

Some of these additional fees and costs may include: 

  • Lender Fees

  • Impounds

  • Taxes

  • Appraisal Fee

  • Credit Report Fee

  • Escrow Fee

  • Title Fee

  • Homeowner’s Insurance Fees

  • Homeowner Association Fees

  • Recording Fees

Though these fees may seem endless, take comfort in the fact these are normal in any home purchase transaction. If you are paying cash, lender fees will not apply.

You may be wondering how much additional money you should expect to have to close on your new home. Unfortunately, each property and transaction is unique and there is no way to provide an exact amount.

For instance, is some scenarios, you might be able to get the seller to pay for some of these fees. This would obviously change your out-of-pocket costs.
 
Are you interested in getting a better idea of what you should be anticipating for closing costs?  We can certainly help you with this! Give us a call and schedule a time to discuss.