[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fdj0uetl529oz":3,"$ffeh0925h8cuz":34,"$fbwk2pqjjqsc7":38},{"item":4,"previous":22,"next":28},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":20,"updatedAt":21},47166,"what-every-homebuyer-should-know-about-closing-costs","What Every Homebuyer Should Know About Closing Costs","\u003Cp>Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240321\u002F20240325-What-Every-Homebuyer-Should-Know-About-Closing-Costs.png","\u003Cp>Before making the decision to \u003Ca href=\"\u002F2024\u002F02\u002F20\u002Fstrategic-tips-for-buying-your-first-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buy\u003C\u002Fa> a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the \u003Ca href=\"\u002F2024\u002F02\u002F26\u002Fthe-truth-about-down-payments\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">down payment\u003C\u002Fa>, don't forget you’ll want to prep for closing costs too.\u003C\u002Fp>\u003Cp>Here’s some helpful information on what those costs are and how much you should budget for them.\u003C\u002Fp>\u003Ch4>\u003Cstrong>What Are Closing Costs?\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>A recent article from \u003Cem>Bankrate\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fwww.bankrate.com\u002Fmortgages\u002Funderstanding-the-closing-process\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">explains\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“\u003C\u002Fem>\u003Cstrong>\u003Cem>Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>Simply put, your closing costs are the additional fees and payments you have to make at closing. According to \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fbuying\u002Funderstanding-costs\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Freddie Mac\u003C\u002Fem>\u003C\u002Fa>, while they can vary by location and situation, closing costs typically include:\u003C\u002Fp>\u003Cul>\u003Cli>Government recording costs\u003C\u002Fli>\u003Cli>Appraisal fees\u003C\u002Fli>\u003Cli>Credit report fees\u003C\u002Fli>\u003Cli>Lender origination fees\u003C\u002Fli>\u003Cli>Title services\u003C\u002Fli>\u003Cli>Tax service fees\u003C\u002Fli>\u003Cli>Survey fees\u003C\u002Fli>\u003Cli>Attorney fees\u003C\u002Fli>\u003Cli>Underwriting Fees\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>How Much Are Closing Costs?\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>According to the same \u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fbuying\u002Funderstanding-costs\" rel=\"noopener noreferrer\" target=\"_blank\">article\u003C\u002Fa> mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.\u003C\u002Fp>\u003Cp>Let’s say you find a home you want to purchase at today’s \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fnewsroom\u002Fexisting-home-sales-vaulted-9-5-in-february-largest-monthly-increase-in-a-year\" rel=\"noopener noreferrer\" target=\"_blank\">median\u003C\u002Fa> price of $384,500. Based on the 2-5% \u003Cem>Freddie Mac\u003C\u002Fem> estimate, your closing fees could be between roughly $7,690 and $19,225.\u003C\u002Fp>\u003Cp>But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.\u003C\u002Fp>\u003Ch4>\u003Cstrong>Make Sure You’re Prepared To Close\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cem>Freddie Mac\u003C\u002Fem> provides great advice for homebuyers, \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fbuying\u002Funderstanding-costs\" rel=\"noopener noreferrer\" target=\"_blank\">saying\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“As you start your homebuying journey, \u003C\u002Fem>\u003Cstrong>\u003Cem>take the time to get a sense of all costs involved\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> – from your down payment to closing costs.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>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’ll need to save and what you’ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way.\u003C\u002Fp>","\u003Cp>Planning for the fees and payments you'll need to cover when you're closing on your \u003Ca href=\"\u002F2024\u002F02\u002F09\u002Fwinning-plays-for-buying-a-home-in-todays-market-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home\u003C\u002Fa> is important. Partnering with a local real estate professional can give you the guidance and confidence you need throughout the process.\u003C\u002Fp>",false,[16],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers","2024-03-25T10:30:00Z","2024-03-25T10:30:07Z",{"id":23,"slug":24,"title":25,"featuredImage":26,"publishedAt":27,"contentType":10,"isVideo":14},47045,"3-helpful-tips-for-first-time-homebuyers-infographic","3 Helpful Tips for First-Time Homebuyers [INFOGRAPHIC]","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240320\u002F20240322-3-Helpful-Tips-for-First-Time-Homebuyers-KCM-Share.png","2024-03-22T10:30:00Z",{"id":29,"slug":30,"title":31,"featuredImage":32,"publishedAt":33,"contentType":10,"isVideo":14},47417,"whats-the-latest-with-mortgage-rates","What’s the Latest with Mortgage Rates?","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240325\u002F20240326-What-s-the-Latest-with-Mortgage-Rates.png","2024-03-26T10:30:00Z",{"cover":35,"open":36,"shareSpread":37},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[39,43,44,48,52,56,60,64,68,72,76,80,84,88,92,96,100,104,108,112,116,120,124,128,132,136,140,144,148,152],{"id":40,"name":41,"slug":42},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":45,"name":46,"slug":47},6,"For Sellers","sellers",{"id":49,"name":50,"slug":51},7,"Foreclosures","foreclosures",{"id":53,"name":54,"slug":55},8,"Infographics","infographics",{"id":57,"name":58,"slug":59},9,"Home Prices","home-prices",{"id":61,"name":62,"slug":63},11,"First-Time Buyers","first-time-buyers",{"id":65,"name":66,"slug":67},34,"Senior Market","senior-market",{"id":69,"name":70,"slug":71},35,"Mortgage Rates","mortgage-rates",{"id":73,"name":74,"slug":75},38,"Move-Up","move-up",{"id":77,"name":78,"slug":79},41,"For Sale by Owner","for-sale-by-owner",{"id":81,"name":82,"slug":83},42,"Featured","featured",{"id":85,"name":86,"slug":87},45,"New Construction","new-construction",{"id":89,"name":90,"slug":91},52,"Luxury \u002F Vacation","luxury--vacation",{"id":93,"name":94,"slug":95},53,"Rent vs. Buy","rent-vs-buy",{"id":97,"name":98,"slug":99},80,"Time-sensitive","time-sensitive",{"id":101,"name":102,"slug":103},81,"Outdated","outdated",{"id":105,"name":106,"slug":107},147,"Internal","internal",{"id":109,"name":110,"slug":111},148,"Do Not Autopost","do-not-autopost",{"id":113,"name":114,"slug":115},320,"Inventory","inventory",{"id":117,"name":118,"slug":119},321,"Agent Value","agent-value",{"id":121,"name":122,"slug":123},322,"Affordability","affordability",{"id":125,"name":126,"slug":127},323,"Buying Tips","buying-tips",{"id":129,"name":130,"slug":131},324,"Downsize","downsize",{"id":133,"name":134,"slug":135},325,"Economy","economy",{"id":137,"name":138,"slug":139},326,"Equity","equity",{"id":141,"name":142,"slug":143},327,"Forecasts","forecasts",{"id":145,"name":146,"slug":147},328,"Selling Tips","selling-tips",{"id":149,"name":150,"slug":151},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":153,"name":154,"slug":155},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]