{"id":7965,"date":"2023-02-13T11:30:44","date_gmt":"2023-02-13T11:30:44","guid":{"rendered":"https:\/\/thezakariagroup.com\/what-you-should-know-about-closing-costs\/"},"modified":"2023-02-13T11:30:44","modified_gmt":"2023-02-13T11:30:44","slug":"what-you-should-know-about-closing-costs","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/what-you-should-know-about-closing-costs\/","title":{"rendered":"What You Should Know About Closing Costs"},"content":{"rendered":"<div><img decoding=\"async\" width=\"358\" src=\"https:\/\/api.simplifyingthemarket.com\/wp-content\/uploads\/2023\/02\/what-you-should-know-about-closing-costs-KCM.jpg\" alt=\"What You Should Know About Closing Costs Simplifying The Market\" loading=\"lazy\" style=\"display: block; margin-bottom: 5px; clear: both; max-width: 100%;\"><\/p>\n<p>Before you buy a home, it\u2019s important to <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/02\/10\/how-to-win-as-a-buyer-in-todays-housing-market-infographic\/\">plan ahead<\/a>. While most buyers consider how much they need to save for a <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/02\/03\/you-may-not-need-as-much-as-you-think-for-your-down-payment-infographic\/\">down payment<\/a>, many are surprised by the closing costs they have to pay. To ensure you aren\u2019t caught off guard when it\u2019s time to close on your home, you need to understand <strong>what closing costs are and how much you should budget for<\/strong>.<!--more--><\/p>\n<\/p>\n<h4><strong>What Are Closing Costs?<\/strong><\/h4>\n<p>People are sometimes surprised by closing costs because they don\u2019t know what they are. According to <a href=\"https:\/\/www.bankrate.com\/mortgages\/understanding-the-closing-process\/#wh\"><em>Bankrate<\/em><\/a>:<\/p>\n<\/p>\n<blockquote><p><em>\u201cClosing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it\u2019s being financed . . .\u201d<\/em><\/p><\/blockquote>\n<p>In other words, your closing costs are a collection of fees and payments involved with your transaction. According to <a href=\"https:\/\/myhome.freddiemac.com\/buying\/understanding-costs\"><em>Freddie Mac<\/em><\/a>, while they can vary by location and situation, closing costs typically include:<\/p>\n<\/p>\n<ul>\n<li>Government recording costs<\/li>\n<li>Appraisal fees<\/li>\n<li>Credit report fees<\/li>\n<li>Lender origination fees<\/li>\n<li>Title services<\/li>\n<li>Tax service fees<\/li>\n<li>Survey fees<\/li>\n<li>Attorney fees<\/li>\n<li>Underwriting Fees<\/li>\n<\/ul>\n<h4><strong>How Much Will You Need To Budget for Closing Costs?<\/strong><\/h4>\n<p>Understanding what closing costs include is important, but knowing what you\u2019ll need to budget to cover them is critical, too. According to the <em>Freddie Mac <\/em>article mentioned above<em>,<\/em> the costs to close are typically between 2% and 5% of the total purchase price of your home. With that in mind, here\u2019s how you can get an idea of what you\u2019ll need to cover your closing costs.<\/p>\n<\/p>\n<p>Let\u2019s say you find a home you want to purchase for the <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\">median price<\/a> of $366,900. Based on the 2-5% <em>Freddie Mac<\/em> estimate, your closing fees could be between roughly $7,500 and $18,500.<\/p>\n<\/p>\n<p>Keep in mind, if you\u2019re in the market for a home above or below this price range, your closing costs will be higher or lower.<\/p>\n<\/p>\n<h4><strong>What\u2019s the Best Way To Make Sure You\u2019re Prepared at Closing Time?<\/strong><\/h4>\n<p><em>Freddie Mac<\/em> provides great advice for homebuyers, <a href=\"https:\/\/myhome.freddiemac.com\/buying\/understanding-costs\">saying<\/a>:<\/p>\n<\/p>\n<blockquote><p>\u201c<em>As you start your homebuying journey, take the time to get a sense of all costs involved \u2013 from your down payment to closing costs<\/em>.\u201d<\/p><\/blockquote>\n<p>Work with a team of trusted real estate professionals to understand exactly how much you\u2019ll need to <a href=\"https:\/\/www.simplifyingthemarket.com\/2023\/01\/19\/pre-approval-in-2023-what-you-need-to-know\/\">budget<\/a> for closing costs. An agent can help connect you with a lender, and together your expert team can answer any questions you might have.<\/p>\n<\/p>\n<h3>Bottom Line<\/h3>\n<p>\nIt\u2019s important to plan for the fees and payments you\u2019ll be responsible for at closing. Let\u2019s connect so I can help you feel confident throughout the process.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you buy a home, it\u2019s important to plan ahead. While most buyers consider how much they need to save for a down payment, many are surprised by the closing costs they have to pay. To ensure you aren\u2019t caught off guard when it\u2019s time to close on your home, you need to understand what [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What You Should Know About Closing Costs - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/what-you-should-know-about-closing-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What You Should Know About Closing Costs - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Before you buy a home, it\u2019s important to plan ahead. 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