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As a new homebuyer, you’ll face a lot of upfront expenses when you purchase a home. The key is to understand what exactly these costs account for and how you can properly plan and budget for them. A study by the U.S. News and World Report found: Nearly 40% of homebuyers were surprised by their closing costs when nearing the close of their purchase but understood the basic fundamental need of a down payment. View some helpful information below that will allow you to plan ahead and not get shocked when it’s time to close.
Understanding closing costs is the first step, but knowing what is exactly required is to budget for is critical to achieving your homebuying goals. Based on data from Freddie Mac, costs are typically between 2% and 5% of the total purchase price of your home.
Here’s an example of what you’ll need to cover your closing costs:
Let’s say the home cost was $350,000. Based on the 2-5% estimate your closing costs fees could be near $7,000 – $17,500. (Remember this is just for this home price)
When you start your homebuying journey take the time to get a sense of all costs involved – from your down payment to closing costs. But do this with one of our trained financial advisors.
In today’s high intensive market it is key to understand and make sure your budget includes all fees and payments associated with closing. Work with our team to ensure you save time and avoid fallout in the homebuying process.
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In no event will Total Quality Lending be liable for any loss or damage including and without limitation to indirect or consequential loss or damage, or any loss or damage whatsoever arising out of, or in connection with, the use of this website. This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms and conditions subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will qualify.
Total Quality Lending NMLS # 1933377. Licensed by the Department of Financial Protection and Innovation under the California Financing Law.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Equal Housing Lender. Licensed by the Department of Financial Protection and Innovation under the California Financing Law, License No 60DBO-108369, Licensed by the Department of Financial Protection and Innovation under the California Financing Law, NMLS #1933377. Loans made or arranged pursuant to the Department of Financial Protection and Innovation under the California Financing Law.
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Private mortgage insurance (PMI) may add to your monthly mortgage expenses, but it can help you get your foot in the homeownership door. When you’re buying a home, check to see if PMI will help you reach your goals faster. We can help you compare options — that way you can receive the best rate and terms for your specific financial situation.
How to stop paying PMI: