Did you know, in addition to your down payment, there will be Closing Costs? Closing costs make up anywhere from 2-5% of your home’s purchase price. Its critical that Buyers budget for closing costs to avoid shock days leading up to your house closing!
Below will be some closing costs fees that will be associated to your home purchase:
Origination Fees: a fee charged by Lenders for processing the loan application and underwriting it. This fee is typically a range from 0.5%-1% of your borrowed mortgage
Service Charges: this will include the appraisal, credit report, flood determination and certificate, tax status, pest inspection, title search and insurance, and escrow fees.
Transfer Taxes and Recording: depending on your city and county, you may have a higher or lower transfer tax
Escrow Items: includes prorations of homeowners insurance, property taxes, and mortgage insurance, if applicable. If your property has HOA, this may be included as well.
Remember, a down payment is the amount of money you contribute toward the purchase of the home, while the closing costs are the assessed fees that need to be paid in order to complete the home purchase or sale.
Thank you for reading!
Blackrock Investments and Finance, Inc.
direct (951) 963-4023 | cell (626) 731-4485 |fax (626) 529-0850
email firstname.lastname@example.org | web http://www.realtorjudyha.com
CA DRE: 01884583
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