CHARLOTTE – Many people, when getting ready to purchase a home, ask about down payments, interest rates, appraisals, inspections, etc. but fail to ask about closing costs.  Closing costs are an important factor in the home buying process, as they consist of lender fees, attorney fees, property taxes, homeowners insurance, homeowners association dues, and more.  In general, when all factors are combined together the closing costs will typically range from approx. 2-3% of the homes purchase price, but can be more or less depending on the multiple 3rd parties that can be shopped for.  Therefore, when looking to purchase a home, and budgeting for down payments, repairs, renovations, etc., please do not forget to budget for the closing costs, and third parties involved with the transaction.

The best part is, one does not have to guess.  A good lender will have the experience and knowledge to estimate closing costs (yes, even the third-party appraisal, attorney, insurance, etc) giving the client the confidence they need to properly prepare.  In addition, another important aspect of closing costs, is many people do not know that the seller of a property can pay for the buyers closing costs.  This is not extremely prominent when it is a “seller market,” of course, but when the market evens between buyers and sellers, buyers can negotiate terms of a contract to have a seller pay some, or all, of their closing costs associated with the transaction!

As always, if you have any questions or need a quote on closing costs, please do not hesitate to call/text (brandon.wolf@primisbank.com/ (704) 430-6138).