{"id":2710,"date":"2018-11-26T11:00:12","date_gmt":"2018-11-26T11:00:12","guid":{"rendered":"https:\/\/thezakariagroup.com\/buyers-dont-be-surprised-by-closing-costs\/"},"modified":"2018-11-26T11:00:12","modified_gmt":"2018-11-26T11:00:12","slug":"buyers-dont-be-surprised-by-closing-costs","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/buyers-dont-be-surprised-by-closing-costs\/","title":{"rendered":"Buyers: Don\u2019t Be Surprised by Closing Costs!"},"content":{"rendered":"
\n

\"Buyers:<\/p>\n

Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage?<\/span><\/p>\n

By law, a homebuyer will receive a loan estimate<\/em> from their lender 3 days after submitting their loan application and they should receive a closing disclosure<\/em> 3 days before the scheduled closing on their home. The closing disclosure includes final details about the loan and the closing costs.<\/p>\n

But what are closing costs anyway?<\/strong><\/h4>\n

According to Trulia<\/a><\/em>:<\/p>\n

\n

\u201cClosing costs are lender and third-party fees paid at the closing of a real estate transaction, and they can be financed as part of the deal or be paid upfront. They range from 2% to 5% of the purchase price of a home. (For those who buy a $150,000 home, for example, that would amount to between $3,000 and $7,500 in closing fees.)\u201d <\/em><\/p>\n<\/blockquote>\n

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. As mentioned before,<\/p>\n

Closing costs are typically between 2% and 5% of your purchase price.<\/strong><\/h4>\n

Trulia<\/em> continues to give great advice, saying that:<\/p>\n

\n

\u201c\u2026understanding and educating yourself about these costs before settlement day arrives might help you avoid any headaches at the end of the deal<\/em>.\u201d<\/p>\n<\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

Speak with your lender and agent early and often to determine how much<\/a> you\u2019ll be responsible for at closing. Finding out that you\u2019ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? 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