Don’t Get Caught Off Guard by Closing Costs
Don’t Get Caught Off Guard by Closing Costs Don’t Get Caught Off Guard by Closing Costs As a homebuyer, it’s important to plan and budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment , a recent survey found 41% of homebuyers were surprised by their closing costs. Here’s some information to help you get started so you’re not caught off guard when it’s time to close on your home. What Are Closing Costs? One possible reason some people are surprised by closing costs may be because they don’t know what they are or what they cover. According to U.S. News and World Report : “Closing costs encompass a variety of expenses above your property’s purchase price. They include things like lender fees, title insurance, government processing fees, upfront tax payments and homeowners insurance.” In other words, your closing costs are a collection of fees and payments made to a variety of individuals and organization...