Everything You Need to Know About Closing Costs
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When you are buying a home, there are many expenses you will need to plan for. In addition to considering the purchase price of the home, your down payment, property taxes, and insurance, don't overlook closing costs, which are fees paid at closing. The seller and the buyer both incur closing costs, but the closing costs are usually higher for the buyer.
How Much Are Closing Costs?
Closing costs are usually 3-5% of the purchase price of your home, but they can be as low as 2% and as high as 7%. On a $250,000 home, closing costs can be anywhere from $5,000 to $17,500 but these costs are split between the seller and the buyer. Buyers are responsible for most closing costs, or 3-4% of the home, because the majority of these costs are associated…
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