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What You Should Know About Closing Costs

What Are Closing Costs?

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

  • Government recording costs
  • Appraisal fees
  • Credit report fees
  • Lender origination fees
  • Title services
  • Tax service fees
  • Survey fees
  • Attorney fees
  • Underwriting Fees

How Much Will You Need To Budget for Closing Costs?

What’s the Best Way To Make Sure You’re Prepared at Closing Time?

As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

Jeremy Kilbourne, Arch Mortgage North

“Besides knowing the area and local real estate market, a local lender will appear more attractive to certain home sellers and real estate agents because of the importance of a timely closing and a smooth process. In a situation where several offers are on the table, having a local, trusted lender could be the difference between landing the house or not. Some sellers and real estate agents may not even consider offers from national banks or online lenders because of previous bad experiences, or because of the bad reputation some of these have.”

Before you let your heart fall in love with a house you should always have an estimation of what the total cash out-of-pocket will be. This includes not only the down payment, but the closing fees and initial escrow account set-up for homeowners’ insurance and property taxes. Your lender should run estimates for you, so you can feel confident before making an offer on a house. As a Loan Officer, and a true number’s person, I really enjoy helping people with the financial planning process, and always make sure my clients know these numbers when shopping for a home.”

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