One of the biggest surprises for many homebuyers is learning that you'll need more than just your down payment when purchasing a home.
You'll also have closing costs. Closing costs are the fees and expenses required to complete your home purchase. While every transaction is different, buyers in California typically pay approximately 2%–3% of the purchase price in closing costs.
Typical Buyer Closing Costs Include: Loan origination fees, Appraisal fee, Home inspection(s), Credit report, Title insurance, Escrow fees, Recording fees, Prepaid property taxes, Homeowners insurance and Prepaid interest on your mortgage.
Here's the Good News...Many buyers don't realize that closing costs can often be negotiated.
Depending on market conditions, your real estate agent may be able to negotiate:
· Seller credits toward your closing costs
· Credits after inspections
· Lender incentives
· Other strategies to help reduce your out-of-pocket expenses
In today's market, asking for seller concessions is becoming much more common than it was just a few years ago. The key is having an experienced agent who knows how to structure an offer that protects your interests while remaining competitive.
Thinking about buying a home? Let's discuss your budget and estimate your total cash needed before you start shopping. Knowing the numbers upfront can help you buy with confidence.
Minnie Rzeslawski
Broker Associate | RE/MAX City Real Estate
Owner | 24K International Realty
619-804-5373
[email protected]
DRE01019749
"Experience Matters. Results Count."
