Spring is almost here, and before you get the official keys to your new home, you have to sign the dotted line. The final step to the home-buying process is CLOSING. So what are closing costs? Under the Real Estate Settlement Procedure Act (RESPA), the homebuyer is furnished an estimate of closing costs by the lender, in advance of the closing. In some cases, some of the closing costs may be paid by the seller; this is particularly true for new housing, where the seller is the builder. Settlement fees vary widely depending on price, location, and other factors, but overall the buyer’s costs usually average between 3% and 7% of the sales price. Items that are usually included in the settlement fees are the loan origination fee, mortgage insurance premium, attorney fees, owner and lender title insurance, recording fees, county tax stamps, state tax stamps, and the survey fee. In addition, the lender will require an appraisal fee and credit report fee in advance of closing. Closing/settlement costs range from area to area, so consult your Realtor before closing to ensure you have all of the information you need. Ready to put your house on the market? I have sellers (and buyers) packets filled with educational information to help you sell (and buy) fast! Send me an email at Katie.imel@lnf I would love to support you through the process!
Posted on: Mon, 17 Mar 2014 18:08:00 +0000
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