Closing costs are the fees paid by the buyer to finalize the purchase of a property. These costs can include appraisal fees, title insurance, lawyer fees, land transfer tax, or lender fees. These costs are typically 1.5%-4% of the purchase price, and are paid to your lawyer on closing day.
✨How to prepare for closing costs:✨
1. Get preapproved! Working with a trusted mortgage agent will ensure you are prepared for all costs associated with purchasing a home so there are no surprise fees at closing.
2. Set aside funds: be prepared to pay closing costs from your own savings. These costs can range from 1.5% to 4% of the purchase price.
3. Shop around: You may be able to save money on some closing costs by shopping around for services like title insurance and home inspections.
4. Ask questions: If you're unsure about any of the closing costs you're being asked to pay, ask your lender or attorney for clarification.
Being prepared will make all the difference in your home buying experience! 🏡
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