[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1yn7v9hfrumc0":3,"$ffeh0925h8cuz":38,"$fbwk2pqjjqsc7":42},{"item":4,"previous":26,"next":32},{"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":24,"updatedAt":25},61424,"what-to-know-about-closing-costs","What To Know About Closing Costs","\u003Cp>Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240911\u002F20240912-what-to-know-about-closing-costs-original.png","\u003Cp>Now that you’ve decided to \u003Ca href=\"\u002F2024\u002F08\u002F23\u002Fhow-growing-inventory-benefits-todays-buyers-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home\u003C\u002Fa> and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your \u003Ca href=\"\u002F2024\u002F08\u002F22\u002Ftodays-biggest-housing-market-myths\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">down payment\u003C\u002Fa> is probably the number one expense on your mind, don't forget about closing costs. Here’s what you need to know.\u003C\u002Fp>\u003Ch4>\u003Cstrong>What Are Closing Costs?\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fblog\u002Fhomebuying\u002Fwhat-are-closing-costs-and-how-much-will-i-pay\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Freddie Mac\u003C\u002Fem>\u003C\u002Fa>, this part of the homebuying process typically includes: \u003C\u002Fp>\u003Cul>\u003Cli>Application fees\u003C\u002Fli>\u003Cli>Credit report fees\u003C\u002Fli>\u003Cli>Loan origination fees\u003C\u002Fli>\u003Cli>Appraisal fees\u003C\u002Fli>\u003Cli>Home inspection fees\u003C\u002Fli>\u003Cli>Title insurance\u003C\u002Fli>\u003Cli>Homeowners insurance\u003C\u002Fli>\u003Cli>Survey fees\u003C\u002Fli>\u003Cli>Attorney fees\u003C\u002Fli>\u003C\u002Ful>\u003Cp> Some of these are one-time \u003Ca href=\"\u002F2024\u002F06\u002F11\u002Fsavings-strategies-every-first-time-homebuyer-needs-to-know\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">expenses\u003C\u002Fa> that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.\u003C\u002Fp>\u003Ch4>\u003Cstrong>How Much Are Closing Costs?\u003C\u002Fstrong> \u003C\u002Fh4>\u003Cp>The same \u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fblog\u002Fhomebuying\u002Fwhat-are-closing-costs-and-how-much-will-i-pay\" rel=\"noopener noreferrer\" target=\"_blank\">article\u003C\u002Fa> goes on to say: \u003C\u002Fp>\u003Cblockquote>\u003Cem>“Closing costs vary greatly depending on your location and the price of your home. Typically, \u003C\u002Fem>\u003Cstrong>\u003Cem>you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>\u003Cp>With that in mind, here’s how you can get an idea of what you’ll need to budget. 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 $422,600. Based on the 2-5% \u003Cem>Freddie Mac\u003C\u002Fem> estimate, your closing fees could be between roughly $8,452 and $21,130.\u003C\u002Fp>\u003Cp> But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower.\u003C\u002Fp>\u003Ch4>\u003Cstrong>Tips To Reduce Your Closing Costs\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>If you’re wondering if there’s any way to inch that down a little bit, \u003Cem>NerdWallet\u003C\u002Fem> lists a few things that could help: \u003C\u002Fp>\u003Cul>\u003Cli>\u003Cstrong>Negotiate with the Seller:\u003C\u002Fstrong> Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for \u003Ca href=\"\u002F2024\u002F08\u002F06\u002Fhelpful-negotiation-tactics-for-todays-housing-market\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">concessions\u003C\u002Fa> like paying for the home inspection or giving you a credit toward closing costs.\u003C\u002Fli>\u003Cli>\u003Cstrong>Shop Around for Home Insurance:\u003C\u002Fstrong> Since rising \u003Ca href=\"\u002F2024\u002F05\u002F28\u002Fhow-do-climate-risks-affect-your-next-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home insurance\u003C\u002Fa> is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference.\u003C\u002Fli>\u003Cli>\u003Cstrong>Look into Closing Cost Assistance:\u003C\u002Fstrong> Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, \u003Cem>Experian\u003C\u002Fem> says:\u003C\u002Fli>\u003C\u002Ful>\u003Cblockquote>\u003Cem>“Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a \u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Fwww.hud.gov\u002Fbuying\u002Flocalbuying\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>helpful resource\u003C\u002Fem>\u003C\u002Fa>\u003Cem> for finding homebuying assistance programs in every state.”\u003C\u002Fem>\u003C\u002Fblockquote>","\u003Cp>Planning for the fees and payments you'll need to cover when you're closing on your home is important – and it doesn’t have to be a big surprise. With the right experts on your side, you can make sure you’re prepared. Let’s connect so you have someone you can go to for more tips and advice.\u003C\u002Fp>",false,[16,20],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},323,"Buying Tips","buying-tips","2024-09-12T10:30:00Z","2024-09-12T10:30:06Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":14},61286,"the-real-story-behind-whats-happening-with-home-prices","The Real Story Behind What’s Happening with Home Prices","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240910\u002F20240911-the-real-story-behind-whats-happening-with-home-prices-original.png","2024-09-11T10:30:00Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":14},61593,"checklist-for-getting-your-house-ready-to-sell","Checklist for Getting Your House Ready To Sell","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240912\u002FChecklist-for-Getting-Your-House-Ready-To-Sell-KCM-Share-original.png","2024-09-13T10:30:00Z",{"cover":39,"open":40,"shareSpread":41},"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",[43,47,48,52,56,60,64,68,72,76,80,84,88,92,96,100,104,108,112,116,120,124,128,129,133,137,141,145,149,153],{"id":44,"name":45,"slug":46},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":61,"name":62,"slug":63},9,"Home Prices","home-prices",{"id":65,"name":66,"slug":67},11,"First-Time Buyers","first-time-buyers",{"id":69,"name":70,"slug":71},34,"Senior Market","senior-market",{"id":73,"name":74,"slug":75},35,"Mortgage Rates","mortgage-rates",{"id":77,"name":78,"slug":79},38,"Move-Up","move-up",{"id":81,"name":82,"slug":83},41,"For Sale by Owner","for-sale-by-owner",{"id":85,"name":86,"slug":87},42,"Featured","featured",{"id":89,"name":90,"slug":91},45,"New Construction","new-construction",{"id":93,"name":94,"slug":95},52,"Luxury \u002F Vacation","luxury--vacation",{"id":97,"name":98,"slug":99},53,"Rent vs. Buy","rent-vs-buy",{"id":101,"name":102,"slug":103},80,"Time-sensitive","time-sensitive",{"id":105,"name":106,"slug":107},81,"Outdated","outdated",{"id":109,"name":110,"slug":111},147,"Internal","internal",{"id":113,"name":114,"slug":115},148,"Do Not Autopost","do-not-autopost",{"id":117,"name":118,"slug":119},320,"Inventory","inventory",{"id":121,"name":122,"slug":123},321,"Agent Value","agent-value",{"id":125,"name":126,"slug":127},322,"Affordability","affordability",{"id":21,"name":22,"slug":23},{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":142,"name":143,"slug":144},327,"Forecasts","forecasts",{"id":146,"name":147,"slug":148},328,"Selling Tips","selling-tips",{"id":150,"name":151,"slug":152},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":154,"name":155,"slug":156},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]