Closing Costs: How Much Do They Cost?

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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.house calculator

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

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Categories: First Time Home Buyers, Home Buying, How to, Monday Motivation, Mortgage, Real Estate Tips

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