How to navigate through your closing costs.
Closing costs are an important part of the real estate process. It’s the final step before the transfer in ownership. However, closing costs can be complicated. Ensure that your closing process is as easy as it can be and check out these tips to help you decode your closing costs.
Closing costs consist of anything that’s required to complete the transfer of property from the seller to the buyer. They generally consist of fees for appraisals, inspections, credit reports, loan processing, attorney fees, title insurance, and anything else that’s needed to ensure that the deal is sealed.
How much do closing fees cost?
When it comes to closing fees, the price is dependent upon the price of the house and where it’s located. However, most closing costs range between two to five percent of the total purchase price. As you’re in the process of looking for a loan, be sure to ask the lender about closing costs. They are required by law to give you an estimate when it comes to closing costs.
Do I have to pay the closing costs right away?
While the buyer usually pays for the closing costs, there are instances in which you’re able to defer paying the closing costs up front. Rather you can take out a no-closing cost mortgage. Just keep in mind that you will have to pay them later, and it may be more expensive in the long run.
Make sure that your closing costs are settled. If you’re in the process of looking for a new home, make sure you have experts on your side. To get dedicated service paired with top-tier escrow services when closing an escrow deal, contact Brighton Escrow. Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.