I’m back with another tip for first-time homebuyers. Today’s topic is closing costs. Most people will have some type of closing costs included when they close on a property. These costs can range anywhere from 1% or 2% of the purchase price all the way up to 5% or 6%. These costs include things like bank fees, funding fees, title fees, different state taxes, and other costs that get packaged together as “closing costs.”

Here’s the point I want to get across: You have a down payment to pay and closing costs to pay. You need to have all of those funds for closing. It’s really a good idea to talk to your agent and find a lender who really understands all the different first-time homebuyer programs out there. There is money out there for first-time homebuyers that will help alleviate some of the costs.

There is also an option of having the seller pay for your closing costs or wrap them into your purchase price. There are many different ways to do this based on your financial goals, how much you have for a down payment, and what type of loan program you’re using.

If you have any questions for me about closing costs or anything else, feel free to reach out and give me a call or send me an email. I look forward to hearing from you soon.