03/17/2022
Don’t assume that your down payment is the only thing you need to close on your mortgage loan. Closing costs are expenses that go to your lender in exchange for arranging certain loan services. Some common closing costs you might see include:
-Attorney fees
-Pest inspection fees
-Appraisal fees
-Escrow fees
-Title insurance expenses
-Discount points
You’ll see your exact closing costs on a document called a Closing Disclosure. Generally, you can expect to pay 2% – 5% of your total loan cost in closing costs.
As a first-time buyer, you may qualify for government-backed grants or loans that assist with closing costs. Additionally, it’s not uncommon to ask the seller to help cover closing costs. Seller concessions could be a flat percentage of the total closing costs or cover specific fees, like appraisal or attorney fees.
If you're interested in buying a home in South Florida, contact us!