Closing costs are significant expenses that home buyers often overlook, typically ranging from 2% to 5% of the home's purchase price. These costs include various fees such as lender charges, taxes, appraisal fees, and title insurance. Buyers should receive a detailed closing disclosure statement from their lenders at least three days before closing, clarifying the costs that need to be paid on the closing day. While buyers usually cover these costs, negotiating seller concessions can ease some financial burden.
Closing costs can catch home buyers off guard as they add up to 2%-5% of the home’s purchase price, on top of down payments.
Common components of closing costs include lender charges, title insurance, appraisal fees, and various taxes, all due on closing day.
Buyers typically are responsible for most closing costs, but it’s possible to negotiate with the seller for them to cover certain fees.
Understanding closing costs, which are detailed in the closing disclosure document, is essential for budgeting before purchasing a home.
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