What Every Homebuyer Should Know About Closing Costs
How Much Are Closing Costs?
Referencing the aforementioned Freddie Mac article, these costs generally fall within the range of 2% to 5% of the total purchase price of your home. Keeping this in mind, let's explore how you can estimate the budget required.
Imagine you've discovered a home you wish to buy at the current median price of $384,500. Considering the 2-5% estimate provided by Freddie Mac, your closing costs could range from approximately $7,690 to $19,225.
However, it's important to note that if you're considering a home either above or below this price range, your closing costs will correspondingly increase or decrease.
Make Sure You’re Prepared To Close
Freddie Mac provides great advice for homebuyers, saying:
“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”
A reliable approach is to collaborate with a team of reputable real estate professionals. This provides you with a network of experts who can guide you in determining your savings goals and preparing for the process. Additionally, having trusted resources ensures you have support for any inquiries that may arise during the journey.
Bottom Line
A reliable approach is to collaborate with a team of reputable real estate professionals. This provides you with a network of experts who can guide you in determining your savings goals and preparing for the process. Additionally, having trusted resources ensures you have support for any inquiries that may arise during the journey. When you’re ready to get the process started, let’s connect.