A Glimpse Into Closing Costs
Buying a home can be one of the most expensive purchases of your lifetime, so it is extremely important to create a well thought out budget. When buying a home, it is also necessary to plan ahead for home buying expenses. Saving for a down payment is the main cost that comes to mind, but you also must remember to save and plan for the closing costs.
What Are Closing Costs?
When you close on a home, there are many fees that will be due. These fees typically range from 2% to 5% of the total cost of the home. These additional costs include title insurance, origination fees, underwriting fees, and document preparation fees, and more!
But Don’t Worry, Seven Gables is Here to Help!
There will be lots of paperwork and stress upon purchasing a home on closing day. But, Seven Gables will help every step of the way! At Seven Gables we offer expert advisors, a mortgage company with talented lenders, and an in-house attorney. We will help you every step of the way during this process to help you acquire the home of your dreams! You are welcome to ask questions about numbers or mortgage terms along the way and your trusted real estate advisor will help to navigate you through the journey!
An extremely crucial step during the process is to read the closing disclosure, which shows your loan terms, final closing costs, and outstanding fees. As the borrower, you will receive this form around 3 days before closing, and once you sign it, there is a 3-day waiting period before you have the opportunity to sign the mortgage loan documents.
With home prices appreciating rapidly, more buyers are finding themselves competing in bidding wars more than ever before. It is essential to make a clear plan that alotts enough purchasing power for your budget and closing costs. Connect with Seven Gables today to help you find the perfect home for your family!