Buyer closing costs are frequently over-looked when saving up money for your down payment. While you can negotiate for a seller to pay for your closing costs, in a “seller’s market” for instance, that can prove difficult. It’s best to prepare from the out-set of saving up for your home purchase, to ensure you have enough funds to pay for your own closing costs.
How Much $ Do I Need, Robert?
It partly depends on the type of loan program you choose. Conventional financing costs vs. say, FHA financing costs. FHA closing costs can be higher in terms of fees/premiums associated with your loan. There are other closing costs that aren’t associated with your loan that depend on the vendors involved providing their service to your purchase, such as an escrow company and title company.
Other closing costs can include, but are not limited to:
- Fire Insurance
- Home warranty
- Messenger / Courier
- HOA transfer fees
- County or City transfer taxes
- And the list goes on!
A general rule of thumb is to estimate your closing costs to be approximately 2-3% of your purchase price. Closing costs aren’t everything though. You don’t want to over-pay for a home. The price you pay for a home is crucial. When it comes down to it, what you really need is a real estate agent who can negotiate a purchase contract in your favor, that meets your specific goal.
Let’s work together. We fight hard for our clients to get the right home at the right price. The house. The price. The closing costs. We don’t stop working for you, until you’re satisfied.
Contact us below. We’d be happy to give you a detailed estimate of your closing costs and work toward your goal of buying a home in the Santa Clarita Valley.
