Closing costs are fees paid by both the buyer and the seller. For a buyer, after saving for a down payment, house hunting and applying for a mortgage, closing costs can come as an unpleasant surprise. Typically, these fees are around 2%-5% of the home loan and include fees for items such as the appraisal, your loan application, mortgage insurance, property taxes, and title fees. You can compare fees with multiple lenders and lenders are required to show you exactly what fees they are charging for when you apply for a mortgage. You can also pay these fees out of pocket, or possibly, wrap them up into your mortgage. Typically, a sellers closing costs are not as much. They pay between 1-3% of final sales price, not including the agents commission. Those fees include costs for items such as tax fees, title and escrow fees, possible HOA fees and any other back payments on the home. . . . . #Homebuyertip #homesellingtip #buyertip #sellertip #homesellingprocess #realestatetip #realestateterms #realestatevocab #sebastianflorida #indianriverlistings #alexandercastrorealtor #exprealty #thefivestargroup https://www.instagram.com/p/CHBDZ7bFe8W/?igshid=1f0upbrpjjajs
