03/25/2024
Before making the decision to buy a home, it's important to plan for all the costs youâll be responsible for.
What Are Closing Costs?
A recent article from Bankrate explains: âClosing 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 itâs being financed . . .â
Simply put, your closing costs are the additional fees and payments you have to make at closing.
How Much Are Closing Costs?
According to Freddie Mac, theyâre typically between 2% and 5% of the total purchase price of your home. With that in mind, hereâs how you can get an idea of what youâll need to budget.
Letâs say you find a home you want to purchase at todayâs median price of $384,500. Based on the 2-5%...
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Before making the decision to buy a home, it's important to plan for all the costs youâll be responsible for.