When preparing for a new home purchase, it’s crucial to plan for the average closing costs for buyer hopefuls on a budget. Closing costs are made up of various service charges associated with the entire home buying process, including appraisals and title paperwork. Because closing costs can add up to thousands of dollars, it’s helpful to prepare for the expense.
Here are some of the most common types of closing costs associated with buying a new home:
Appraisal fees cover the cost of a professional home appraisal to determine the value of the property. This cost can depend on the size of your home, but generally comes to somewhere between $300 and $400.
Professional home inspection fees usually cost a few hundred dollars. While inspections are technically an optional part of the home buying process, most buyers require them to find out if there are any major issues with a home before buying.
Mortgage lenders can charge an origination fee for creating the loan itself. This closing cost can vary from one lender to the next, but frequently comes to around 1% of the amount of the mortgage loan.
The title for your new home needs to be examined for any possible issues such as tax liens. The fee for a title search is typically between $400 and $500 paid to your mortgage lender.
Title insurance is required by lenders to cover the cost of any issues discovered with the property title. Similar to mortgage insurance, this policy protects the lender rather than the buyer. Title insurance often costs around 1% of the total loan amount.
These are not all the possible closing costs for buyers to prepare for. However, these are the most commonly associated with your new home. Inquire with your mortgage lender for more information about additional fees to prepare your budget accordingly.
Welcome to Long Island Living at its best! The South Shore of Suffolk County is a suburban area that runs along the shoreline of the Atlantic Ocean. Homes in this area consist of primarily residential properties. This area tends to be diverse in culture and income as it varies by hamlet, village or town. Residents along the South Shore have access to many beaches, parks and recreational activities. I pride myself on my honesty, integrity, hard work and personal service. My first career was in education, starting as a teacher then finishing as a guidance counselor and achieving my Master’s and two PD's. In 1986, I began my real estate career. In a sense, I am still an educator and offering guidance; this time I am outside of the classroom educating my clients on the selling and purchasing processes; which have become so complicated recently and guiding them safely through the confusing and ever-changing real estate market. It is very satisfying to me to help people with not only the greatest financial asset in their lives but their greatest emotional asset; where they celebrate holidays, raise their families and live their lives. I take the needs of my clients very seriously and as a result, I am proud to say, over 90% of my sales are the result of referrals and recommendations. Primarily, my areas of service are the Townships of Babylon and Islip on Long Island’s beautiful South Shore, near pristine beaches and wonderful boating, yet only 55 minutes from Manhattan; truly the best of both worlds. I'm a graduate of the Real Estate Institute and am certified as a Senior Real Estate Specialist. I also hold a license as a Notary Public. Please feel free to call or visit so I can help you fulfill your real estate dreams. I am a Full Service Licensed Real Estate Associate Broker and provide the following: Free appraisal Rental Mortgages International relocation services Sales Home warranty new homes Free school report Waterfront specialist Notary public Please feel free to call or visit so I can help you fulfill your real estate dreams.
For every sales transaction, a a portion of my commission will be donated to Pronto of Long Island, a nonprofit community outreach center who feed the hungry, clothe the needy and provide hope for our neighbors.
Top Agent Award Fast Expert-Click Here <script type="text/javascript" src="https://www.fastexpert.com/badge/city-badge.js?bs=145&u=NjAyOTE=&ur=L3RvcC1yZWFsLWVzdGF0ZS1hZ2VudHMvd2VzdC1pc2xpcC1ueS8jYWdlbnRfaWQ9NjAyOTEmYWM9dHJrJnR5PWNi&c=V2VzdCBJc2xpcA==&s=Tlk=&ty=city"></script>
SOP - https://files.erealtymedia.com/GetFile.ashx?FileId=27385454