Buying a Home? Be Ready for These Closing Costs | Credit.com
For most of us, there’s no bigger purchase than buying a home. And with big purchases, even minor fees can carry a big price tag.
Before signing the paperwork and taking on a mortgage, it’s a good idea to get educated about the process. Many people either don’t know or forget to factor in the closing costs they will pay. This is the money paid, usually upfront, to close the real estate deal. And it can be hard to know just how much you will have to pay ahead of time. In general, you can usually estimate the fees will add up to between 2%-5% of the home’s value, the range is usually so large because they are a collection of different expenses that apply for different reasons. To help you understand what you are paying, check out some of the common closing costs.