- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting Fees
How Much Are Closing Costs?
According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.
Let’s say you find a home you want to purchase at today’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225.
But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.
Make Sure You’re Prepared To Close
Freddie Mac provides great advice for homebuyers, saying:
“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”
The best way to do that is by partnering with a team of trusted real estate professionals. That gives you a group of experts to help you understand how much you’ll need to save and what you’ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way.
[created_at] => 2024-03-21T17:23:32Z [description] =>Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for.
[exclusive_id] => [expired_at] => [featured_image] => https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240321/20240325-What-Every-Homebuyer-Should-Know-About-Closing-Costs.png [id] => 47166 [kcm_ig_caption] => Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. What Are Closing Costs? A recent article from Bankrate explains: “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 . . .” Simply put, your closing costs are the additional fees and payments you have to make at closing. How Much Are Closing Costs? According to Freddie Mac, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225. But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower. Make Sure You’re Prepared To Close Freddie Mac provides great advice for homebuyers, saying: “As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.” Planning for the fees and payments you'll need to cover when you're closing on your home is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process. [kcm_ig_hashtags] => firsttimehomebuyer,opportunity,housingmarket,househunting,makememove,homegoals,houseshopping,housegoals,investmentproperty,emptynest,downsizing,locationlocationlocation,newlisting,homeforsale,renovated,starterhome,dreamhome,curbappeal,keepingcurrentmatters [kcm_ig_quote] => What every homebuyer should know about closing costs. [public_bottom_line] =>Planning for the fees and payments you'll need to cover when you're closing on your home is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process.
[published_at] => 2024-03-25T10:30:00Z [related] => Array ( ) [slug] => what-every-homebuyer-should-know-about-closing-costs [status] => published [tags] => Array ( [0] => content-hub ) [title] => What Every Homebuyer Should Know About Closing Costs [updated_at] => 2024-03-25T10:30:07Z [url] => /2024/03/25/what-every-homebuyer-should-know-about-closing-costs/ )What Every Homebuyer Should Know About Closing Costs
Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for.