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
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. 800.00
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 800.00 approx. without flood insurance
6) Closing attorney charges in upwards of 800.00
7) Property taxes in some cases you can expect at least 6 months worth of property taxes 2000.00 average
8) heating oil in the tank of the home you are buying. Or propane in the propane tank. 1000.00 in some cases
9) there are also other fees for which you lender will give you a GFE (Good Faith Estimate) to prepare you.
DON’T WORRY-IN MANY CASES I CAN GET YOU 100% USDA 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!
BE PREPARED! Call a professional like Turning Point Realty… We will walk you through these costs and help you to make the best choices.