If you’re currently going through the home buying process you might have already figured out your ideal total mortgage payment, mortgage interest rate and how much money you want to initially place for a down payment. But have you considered closing costs? These fees can quickly add up to become a sizeable amount of money that needs to be paid to finalize your home purchase transaction.
Keep in mind every transaction is different and might not include certain fees as listed below. However, your closing cost generally consists of charges from your Lender/Broker, Closing Agent (Title Company or Attorney’s Office), Third Party Vendors such as a survey company and from the State and Local Government for which the property is located in.
Closing Disclosure (CD) Fees for Buyers (based on Broward County FL) (Fees varies between counties/states and some fees won’t apply to every transaction. The closing disclosure is the final document you will receive that will outline all costs associated with your home purchase).
Taxes and Other Government Fees
Initial Escrow/Prepaid Fees
In the end, home buyers typically pay between 2-5% of a property’s purchase price in closing fees. Before finalizing your transaction to buy your home, make sure you get a clear understanding from your lender/broker or closing agent representative of how your closing cost is calculated and the reason for each charge. This will ensure that you are aware of how much cash is needed to close and prevent you from overpaying for any unnecessary items when purchasing your property. Contact Us TODAY to assist with your next home sale/purchase or when you are applying for a mortgage loan.
Disclaimer: The list of fees shown above in this blog article is not to be relied upon as legal or accounting advice as it relates to closing on a real estate transaction. This article is merely a guide to give the reader a general idea of what to expect to pay for closing costs as a purchaser of residential real estate property in Broward County FL. Please consult an Attorney or Accountant for any legal or tax representation.