A recent article showed that half of all buyers and sellers interviewed were surprised at how much their closing costs would be. Closing Corp , who conducted the survey stated that over half of those home buyers did not even know that their closing costs would be that substantial!
That is simply NOT ACCEPTABLE. My clients know, we go over home inspection fees,etc and then I ask them, what did the lender tell you or show you regarding your closing costs. If they don’t know, we call the lender and get it printed out.
Know that information in advance. Its your money!
Here is a map courtesy of Bankrate.com, who gathered information about closing costs. The map is based on a $200,000 mortgage with 20% down. If your home purchase is higher, the rate will be higher for closing costs as well.
Bottom line, no-one wants to get a day or two close to closing to find out they need to ‘find’ thousands of dollars more in order to close.
Hope this helps you in your pursuit of a smoother real estate transaction.