When buying a home, costs involved include more than just the mortgage; you’ll also pay closing costs. Closing costs are also known as settlement fees and are paid when obtaining a mortgage. People representing your home-buying purchase charge you fees including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.
Some of the fees/costs associated with closing costs may include:
- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services (insurance, search fees)
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting fees
The buyer typically pays the settlement fees. You can always work with your lender and Shorewest, REALTOR® to see if there are any ways to decrease or defer your closing costs.
Make sure to speak with your Wisconsin Mortgage Loan Officer and your Shorewest, REALTOR® early and often to determine what you will need at the closing. Always a good idea to be prepared for a smooth closing process! #ShorewestRealtors #WIMort #ClosingCosts #BuyingAHome
Source Credit: Keeping Current Matters
Tags: Buying, buying a home, Closing, Closing Costs, first time home buyer, Home, Homeowner, keeping current matters, shorewest, shorewest family, Shorewest Realtors, Wisconsin Mortgage Corporation, Wisconsin Mortgage Corporation Loan Officer