02/13/2023
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Understanding what closing costs include is important, but knowing what youβll need to budget to cover them is critical, too. Closing costs are typically between 2% and 5% of the total purchase price of your home. With that in mind, hereβs how you can get an idea of what youβll need to cover your closing costs.
Letβs say you find a home you want to purchase for the median price of $366,900. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,500 and $18,500.
Keep in mind, if youβre in the market for a home above or below this price range, your closing costs will be higher or lower.
Itβs important to plan for the fees and payments youβll be responsible for at closing. Work with me, your local real estate professional who will help you feel confident throughout the process. :) As always, I would love to be your Realtor.
