Here is a list of what ‘some’ of your closing (estimated) costs can be if you are a buyer…this is especially helpful if you are a first time buyer.
DON’T WORRY – IN MANY CASES YOU CAN GET 100% FINANCING and some of these costs can be mortgaged into your loan. Or we ask the Seller to cover these- in many cases they will!
1. Initial earnest money deposit (usually $500 and up) can be returned at closing if you are doing a 100% financed government insured loan like a HUD, VA or CHFA loan
2. Home inspection with water potability -radon and pest etc. approx. $800
3. Well and septic inspections if applicable $500-$700
4. Loan application and appraisal fees can be over $600 some lenders do not charge for the app fee
5. Expect to pay a year of homeowners insurance up front to get the binder you will need prior to closing. This can be a large amount especially if the home is in a flood prone area – $800 approx. without flood insurance
6. Closing attorney charges upwards of $800
7. Property taxes in some cases you can expect at least 6 months worth of property taxes $2000 average
8. Heating oil in the tank of the home you are buying. Or propane in the propane tank. $1000 in some cases
9. There are also other fees for which you lender will give you a GFE (Good Faith Estimate) to prepare you.
AGAIN: MOST OR ALL OF THESE CAN/WILL BE COVERED BY THE SELLER CONCESSIONS AND OR YOUR LOAN!
BE PREPARED! Call a professional like Turning Point Realty LLC… We will walk you through these costs and help you to make the best choices.