If you are buying a home, there are extra costs that may surprise you. It’s important to understand and prepare for these additional costs. Especially so you’re not caught off guard.
First up is closing costs. These can include loan origination fees, appraisal fees, and title searches. Typically, they range from 2% to 5% of the home’s purchase price. Keep this in mind as you’re preparing to submit offers. In a seller’s market, we are seeing buyers typically pay for their own closing costs due other competing offers. Depending on your financial situation, some lenders offer financed closing costs.