Did you know that buying a home involves more cost than just the cost of the property? Many buyers, especially first-time home buyers are surprised at closing costs. According to a survey by ClosingCorp, “Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.” Closing costs are expenses over and above the price of the property in a real estate transaction. Costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Typically closing costs are between 2-5% of the purchase price of the property.
If you are thinking of buying a home, it is important to speak with your lender and Realtor early on in the process so you will be prepared for other costs involved with purchasing a home…..together we can get you on your way to home ownership!!!