{"id":4663,"date":"2024-03-25T10:30:00","date_gmt":"2024-03-25T10:30:00","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/03\/25\/what-every-homebuyer-should-know-about-closing-costs\/"},"modified":"2024-03-25T10:30:00","modified_gmt":"2024-03-25T10:30:00","slug":"what-every-homebuyer-should-know-about-closing-costs","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2024\/03\/25\/what-every-homebuyer-should-know-about-closing-costs\/","title":{"rendered":"What Every Homebuyer Should Know About Closing Costs"},"content":{"rendered":"

\n

$\"What$ \n

Before making the decision to buy<\/a> a home, it\u2019s important to plan for all the costs you\u2019ll be responsible for. While you\u2019re busy saving for the down payment<\/a>, don\u2019t forget you\u2019ll want to prep for closing costs too.<\/p>\n

Here\u2019s some helpful information on what those costs are and how much you should budget for them.<\/p>\n

What Are Closing Costs?<\/strong><\/h4>\nA recent article from Bankrate<\/em> explains<\/a>:<\/p>\n
\u201c<\/em>Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome<\/em><\/strong> . . . Closing costs vary depending on the purchase price of the home and how it\u2019s being financed . . .\u201d<\/em><\/p><\/blockquote>\n
Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac<\/em><\/a>, while they can vary by location and situation, closing costs typically include:<\/p>\n
\n
Government recording costs<\/li>\n
Appraisal fees<\/li>\n
Credit report fees<\/li>\n
Lender origination fees<\/li>\n
Title services<\/li>\n
Tax service fees<\/li>\n
Survey fees<\/li>\n
Attorney fees<\/li>\n
Underwriting Fees<\/li>\n<\/ul>\n
How Much Are Closing Costs?<\/strong><\/h4>\nAccording to the same Freddie Mac<\/em> article<\/a> mentioned above, they\u2019re typically between 2% and 5% of the total purchase price of your home. With that in mind, here\u2019s how you can get an idea of what you\u2019ll need to budget.<\/p>\n
Let\u2019s say you find a home you want to purchase at today\u2019s median<\/a> price of $384,500. Based on the 2-5% Freddie Mac<\/em> estimate, your closing fees could be between roughly $7,690 and $19,225.<\/p>\n
But keep in mind, if you\u2019re in the market for a home above or below this price range, your closing costs will be higher or lower.<\/p>\n
Make Sure You\u2019re Prepared To Close<\/strong><\/h4>\nFreddie Mac<\/em> provides great advice for homebuyers, saying<\/a>:<\/p>\n
\u201cAs you start your homebuying journey, <\/em>take the time to get a sense of all costs involved<\/em><\/strong> \u2013 from your down payment to closing costs.\u201d<\/em><\/p><\/blockquote>\n
The best way to do that is by partnering with a team of trusted real estate professionals. That gives you a group of experts to help you understand how much you\u2019ll need to save and what you\u2019ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way.<\/p>\n
Bottom Line<\/h3>\nPlanning for the fees and payments you\u2019ll need to cover when you\u2019re closing on your home<\/a> is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
Before making the decision to buy a home, it\u2019s important to plan for all the costs you\u2019ll be responsible for. While you\u2019re busy saving for the down payment, don\u2019t forget you\u2019ll want to prep for closing costs too. Here\u2019s some helpful information on what those costs are and how much you should budget for them. […]<\/p>\n","protected":false},"author":1,"featured_media":4664,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-4663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sandpointrealtyidaho.com\/blog\/wp-content\/uploads\/2024\/03\/20240325-What-Every-Homebuyer-Should-Know-About-Closing-Costs.png?fit=750%2C410&ssl=1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdz2Zu-1dd","_links":{"self":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/4663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/comments?post=4663"}],"version-history":[{"count":0,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/posts\/4663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media\/4664"}],"wp:attachment":[{"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/media?parent=4663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/categories?post=4663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandpointrealtyidaho.com\/blog\/wp-json\/wp\/v2\/tags?post=4663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}