It's a good idea to factor in the closing costs when buying a home, so you can properly plan and manage your finances. In most cases you can expect to pay 2-5% of the purchase price in closing costs, not including the down payment.
Closing costs can include the following:
- Down Payments can vary, most are in the range of 5% -20% of the purchase price depending on your qualifications and loan choice
- Earnest Money Deposit is the money put down when a contract is written and usually it goes into an escrow account. If the property closes this money generally goes toward your closing costs but can be non-refundable after a certain period if the buyer backs out of the purchase.
- Lender fees include charges for loan processing, underwriting and preparation
- Third-party fees include charges for insurance, title insurance, title search, appraisal fees and other inspections such as termite
- Government fees include deed recording and state mortgage taxes
- Escrow and interest fees include homeowner's insurance, loan interest, Real Estate taxes, home warranties, prepaid interest and occasionally private mortgage insurance,
- Property taxes
Please do not hesitate to contact us when you are ready to take the next step or if you have any questions. We look forward to assisting you.
Ask about our programs:
Low as 10% down! Owner will pre-pay your mortgage insurance! Save at least $100 per month!
Down payment assistance available up to $12,510 or 3% of loan amount in the form of a grant, does not have to be repaid.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CAfor the latest news and information on the Costa Mesa real estate market. Lic #00573423
(714) 241-4532
1525 Mesa Verde Drive East
Costa Mesa, CA 92626-5221
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