The 4 Closing Costs Associated with Buying a Home

Monday, July 6, 2020   /   by Jessica Nager

The 4 Closing Costs Associated with Buying a Home



Buying a house is very exciting, but has anyone ever shown you what the 4 closing costs associated with buying a home are?

Buying a house without knowing your budget is sort of like painting your house without knowing the color. When you know your budget, you’ll be better prepared and there will inevitably be fewer surprises. 

Hi, I’m Ryan Nager with the Ryan Nager Group and in this video, I’m going to walk you through the 4 buyer closing costs associated with buying a home and what you can expect. Knowing these numbers will help you make wise financial decisions and the truth is... good deals go fast. When you know your numbers, you can't take advantage of good deals without hesitation. 

1. Money For Your Down Payment This isn’t so much as cost... as you’re putting it towards the house but it does leave your bank account. Generally, you can see down payments anywhere from 3-20% of the purchase price. 

2. Title Costs When you close on a home, you will go to a third-party location, this title company is responsible for doing a background check on the property and controlling funds. 

3. Lender Fees You’ll need to pay the bank to do the loan for you! The lenders we were with usually cost between $2,000-$3,000. 

When I prepare my client about closing costs, I usually advise them to anticipate, total closing costs will be around $5,000-$7,000. And remember, every situation is different, so it is not always guaranteed that sellers will be paying for most or any of these closing costs. When you have a good realtor on your side they can negotiate and try and cut as many costs as possible! 

4. Home Inspection Fee A home inspection is absolutely necessary and you can usually expect these fees to be anywhere from $350-$450 depending on the type of home. 

While there are many other miscellaneous fees, these that we have gone over are the major ones. Knowing these numbers upfront will allow you to plan for your total amount needed during your closing. 

I hope this video helped you better understand the costs associated with buying a home. Please feel free to reach out to me with any questions! I’m Ryan Nager with The Ryan Nager Group at Stunning Home Realty. 

 

  buying

Stunning Homes Realty
10235 S 51st St Ste 195
Phoenix, AZ 85044
Guild Mortgage Company is an Equal Housing Lender
NMLS 3274
AZ BK#0018883
Lizy Hoeffer, Sr. Loan Officer, NMLS# 260183
Arizona State individual License Number 0913409 AZ
Guild Mortgage Company is not Affiliated with Stunning Homes Realty
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© 2020 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Stunning Homes Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 26, 2020
© 2020 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 26, 2020
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