This is your time. This time it is YOUR turn to buy a home! But you are concerned. You’ve scrimped, saved and sacrificed- but you’ve heard there are “closing costs”, how can you tell if you have enough?
How much will I need beyond my down payment?
Let me shed light on your day!
The good news is that the Realtor’s commission is paid from the seller’s side. Even if you have a written contract with a Buyer’s Broker, it is rare for a buyer to pay any commission.
Closing costs, for the buyer, is primarily a function of the lender for your mortgage.
Normal Lender Fees can include:
- Document preparation
- Origination Fee
- Credit Report
- Notary fee/messenger fee
- Title Insurance
Other closing costs include escrow and prorations for interest and property tax.
The actual amounts for all of these figures depends on the purchase price, the size and type of loan and the date of close. Because of these variables, I can’t say a given buyer should expect X% as a closing cost.
The most important thing you can do to avoid a nasty surprise is to select your lender and your Realtor as soon as possible. Local rules vary greatly, so you need a local expert in loans and accepted negotiation standards. Between these two professionals you can accurately estimate the money you need to purchase the home of your dreams
Contact me if you want to set your own home buying strategy. firstname.lastname@example.org or 818-396-7588