What are closing costs and how much are they?

When buying you have to account for your down payment plus closing costs. Closing costs are all the hidden fees when buying real estate. They WILL vary based on the lender/insurance company/realtor you choose to work with.

Here is a breakdown from a recent closing to give a rough idea:

Purchase Price: $315,000

Closing Costs:

Property Taxes escrowed upfront: $2,800

Insurance Premiums escrowed upfront: $1,700

Lender Fees: $2,100

Title Fees: $1,200

Total- $7,800 in addition to their down payment

Ways to reduce this amount: Concessions from sellers, working with trusted lenders/insurance companies/real estate agents. Shoot me a message if you have specific questions about this.

The basics you need to know in buying or selling your home include what to be aware of in terms of red flags that can cause you issues in the long run.

Selling your home can be a hassle. Following these tips can make for a seamless sale so you can move on to the next chapter of your life.