A Breakdown of Buyer Closing Costs
Posted by arhome realty on
a breakdown of buyer closing costs
Preparing for a home purchase can be daunting - but it doesn't have to be. Know what to be prepared for so you can make a strategic plan. Don't forget to budget for extra closing costs that come on top of your down payment. Get an estimate from your lender and make sure you know what to expect before you set your home price range.
Here's what buyers should expect at a closing:
1. down payment
This is the money that the home buyer pays upfront for the property. Down payments are usually a percentage of the purchase price and typically range from around 3% to 20%, but there is no limit to how much you are allowed to put down.
2. lender fees
Lender fees are the cost of processing your loan, such as…
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