Here is a list of what your estimated closing costs can be if you are a buyer…this is especially helpful if you are a first time buyer.
THERE ARE LOTS OF DIFFERENT TYPES OF FINANCING, IN MANY CASES YOU CAN GET UP TO 100% FINANCED.
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
Home inspection with water potability -radon and pest etc. approx. $800-1000.
Well and septic inspections if applicable $600-$800.
Loan application and appraisal fees can be over $650.
Expect to pay up to 18 months 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 – $2400. approx. (without flood insurance).
Closing attorney charges upwards of $1000.
Property taxes in some cases you can expect at least 6 months worth of property taxes $3500 average.
Heating oil in the tank of the home you are buying. Or propane in the propane tank. $1000 in some cases.
There are also other fees for which your lender will give you a GFE (Good Faith Estimate) to prepare you.
You will be asked to pay your real estate professional a fee for their expertise and assistance. This can be negotiated with them at the time of your first meeting. They will ask you to sign an agreement and the terms will be outlined there. In many cases the Seller of the home you buy will offer all or a part of this fee. The REALTOR® you are working with does not get paid until your new home closes.
BE PREPARED!
Call one of our professionals at Turning Point Realty LLC… We will walk you through these costs and help you to make the best choices.
