Who pays closing costs, the buyer or the seller? Both buyers and sellers pay closing costs, but the costs vary and include a long list of fees, prepayments, and services that make the transaction happen. As a buyer, you can expect to pay about 2-5 percent of the purchase price in closing costs, most.
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Closing costs are fees for the many services, taxes and insurance required for the lender to evaluate the home you’re buying and process and finalize your mortgage.
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Closing costs can vary widely by location and your home’s purchase price. Costs are split between you and the seller, but as the buyer you’ll cover the lion’s share. You can generally expect your closing costs to be 3% to 4% of the home’s sales price.
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Examples of Home purchase closing costs. The following examples of closing costs are based on purchasing $55,000 and $165,000 houses with a 9% down payment ($5,000 and $15,000). A likely range of fees is given. Not counting the down payment, closing costs can range from 4.5% to 17% of the amount of the mortgage loan.
Closing costs can affect your offer, down payment amount and how much mortgage you qualify for. Learn about the costs associated with buying your home.
The closing costs on a real estate purchase are the variety of fees that you will have to pay to finalize your sale. These fees can vary significantly depending on a variety of factors and can add up considerably, regardless of which side of the table you will be on.
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So, if you’re buying a $300,000 house, your closing costs could range from $9,000 – $18,000. You’ll pay higher closing costs if you choose to buy discount points , but the trade-off is a lower interest rate on your loan.