What Are Real Estate Closing Costs ?
What Are Real Estate Closing Costs ? Saving for a down payment is a key step in the home buying process, and it’s not the only piece you need to include in your budget. Another factor that’s important to plan for are the Real Estate closing costs required for your home purchase. So, What Are Real Estate Closing Costs ?
Have You Budgeted for Real Estate Closing Costs ?
“When you close on a home, a number of fees are due. They typically range from 1.5% to 5% of the total cost of the home, and can include insurance, legal fees, underwriting fees, Property Transfer Tax, document preparation fees, and more.”
For those who buy a $250,000 home, for example, that amount could be between $5,000 and $12,500 in closing fees. Keep in mind, if you’re in the market for a home above this price range, your costs could be significantly greater.
As mentioned before,
Closing costs are typically between 1.5% and 5% of your purchase price.
“There will be lots of paperwork in front of you on closing day, and not enough time to read it all. Work closely with your real estate agent, lender, and lawyer/notary to get all the documents you need ahead of time.
The most important thing to read is the statement of adjustments. The statement of adjustments shows your final closing costs, and any outstanding fees. You can get this form before closing since, you (the borrower) sign it. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask. Your real estate agent and mortgage broker are a great resource for getting you all the answers you need.”
Let’s get together to discuss the home buying process. This will make sure your plan includes budgeting for what you need to purchase your dream home – without any surprises!
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Chris McRae Personal Real Estate Corporation
Homelife Advantage Realty Ltd
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