WHEN SAVING UP TO BUY YOUR FIRST HOME it’s important to budget. Not only do you need a down payment, typically closing costs are covered by the purchaser. These are a variety of payments and fees made to organizations and individuals involved in the sale/purchase of a home, and they can be a hefty price tag to the unexpecting. A local Savannah lender can help you prepare for the closing costs that you will need.
So what is included in closing costs? They can vary from sale to sale, but typically will include:
- Credit report fees
- Lender origination fees
- Government recording fees
- Attorney fees
- Survey fees
- Title services
- Underwriter fees
- Appraisal fees
- Tax service fees
All of these will be in addition to your down payment, so when budgeting it’s important to account for these. A good real estate professional will be able to give you a general estimation on how much you should plan to spend on closing costs. They are typically between 2%-5% of the total purchase price of the home. For example, if you are purchasing at a median home price (currently $350,300), your closing costs could run between $7,000 and $17,500. Obviously, this can be higher or lower depending upon the actual purchase price of the home and other factors.
With the current housing shortage, you want to be as prepared as you can to avoid frustration when dealing with the housing market. Calculate your closing costs at a higher rate and save; accordingly, any additional cash you have saved can be used for moving costs or to help spruce up your new home.
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