What are Closing Costs?
Both a buyer and seller pay closing costs when a home is transferred. It is confusing sometimes, especially to the First Time Buyer because the words "closing costs" is not clear and should be explained fully.
BUYER CLOSING COSTS
Buyer closing costs consist of the fees from the actual loan type (FHA, Conventional, or other) added to (+) fees paid for the transfer of property. These two entities together make up the total closing costs.
Some fees included in the transfer are paying for the Title Search, Survey, Processing Fees, Homeowners Fee, possibly inspection fees, and there are a couple of others.
While all of this seems overwhelming, you don't need thousands of dollars to purchase your first home! For an average size first home of approximately 1,300sq.ft. you might figure on total closing costs equaling between $4,500 and $7,500 depending on the price of the home. There are some deals a First Time Buyer can take advantage of to lessen these fees and any experienced Realtor should be willing to help you 'make a deal' to help cut your closing costs when purchasing a home.
For more information on Grants available, contact me https://www.kzinglerfindanjdreamhome.com/contact/.