Joan Congilose's Real Estate Blog

As A Home Buyer How Much Will I Need For Closing Costs?

Most first time home buyers shopping for a home are aware of the costs associated with purchasing a home and moving, but closing costs is an expense that is often overlooked.  The amount of the closing costs you will have to pay will depend on where you live, the type of home you buy, the type of mortgage you are going to carry, and the purchase price of your home  In most cases they generally range from 4% to 6%  of the price of the home. The majority of these expenses are payable at closing. So before planning. your home purchase budget, here are some hidden expenses that you may want to include.

Types of Closing Costs                                                                                                                       close

Recurring costs include things like fire and flood insurance, property taxes, and mortgage insurance; these are expenses that will have to become part of your monthly budget and in most cases are often anticipated by new home buyers.

Non-recurring costs are one-time costs that are associated with the closing of a home ,and in most cases make up the bulk of extra expenses which may include:

     Estimated Nonrecurring Costs:

  • Home Inspection  $400- $750+
  • Legal Fees $700-$1,000+
  • Title Fees Approximately  $4.25 per $1,000 of the purchase price
  • Wire Fees $25+
  • Courier Fees $50+
  • Recording Fees (Mortgage and Deed) $400
  • Survey $500-$750+

        Bank Fees ( Can Vary Among Lenders):

  • Appraisal $350-$450
  • Mortgage Application $$300-$650
  • Commitment $350
  • Credit Report $50
  • Discount Points One point is 1 percent of the loan amount.

Depending  on your particular circumstances, the actually closing fees may include just a few of these costs, or others that are not listed here. To get a clearer picture of the costs before you select a home it's important to get a detailed list of anticipated closing costs from your Attorney and your Lender.

Joan Congilose, Broker/ Sales Associate

my picCentury 21 Action Plus Realty

Call or e-mail me Office (732) 462-9510 Cell (732) 232-5277

jcongilose@actionplusrealty.com

www.joancongilose.com

 

Comment balloon 0 commentsJoan Congilose • March 27 2013 12:36PM
As A Home Buyer How Much Will I Need For Closing Costs?
share
Most first time home buyers shopping for a home are aware of the costs associated with purchasing a home and moving, but closing costs is an expense that is often overlooked. The amount of the closing costs you will have to pay will depend on where… more
Have A Happy Passover
share
Wishing All Of You And Your Family A Happy and Healthy Passover May You Be Blessed With Happiness, Prosperity, Peace And Good Health On Peasch And Always! Spring Is A Time For New Beginnings And Fresh Starts … more
Joan's Penne with Vodka Sauce- A Sunday Favorite
share
Joan's Penne with Vodka Sauce This is a quick and easy family favorite that I have shared with family and friends! Ingredients 1/4 pound of prosciutto sliced and chopped into pieces 1 large onion chopped 1 large can of… more
Does your front porch need a make over to attract home buyers?
share
When you are looking to sell your home giving your front porch a makeover is an easy and inexpensive way to give your home's exterior a fresh look. Here are a few simple ways to spruce up your front entry. … more
Easter Egg Hunt For Children In Marlboro, NJ
share
The Morganville Volunteer Fire Company Will Be Hosting An Easter Egg Hunt For Children Of All Ages This Sunday March 24th at 1:00 PM Located At 78 Tennent Rd Morganville, NJ Children Must Be Accompanied By An Adult Event Is… more
Spring Is Here In Manalapan- Marlboro Time To Get Your House On The…
share
The Spring buyers are out and homes are selling again! Your home's value in today's market might just surprise you. Whether you are thinking of moving up to your dream home or downsizing to better fit your needs together… more
Happy St Joseph's Day!
share
Happy Saint Joseph's Day! It's A Great Time To Indulge In Some St Joseph's Pastries Try Them From Your Local Italian Bakery They Are the Best! more
As A Homebuyer Should I Get Involved In A Bidding War Or Walk Away?
share
So you've found the right home, it has all the features you want, the price is right and it is in the neighborhood you want. Suddenly you find out there are multiple offers coming in on.. more
An Irish Wish For You
share
Happy St Patrick's Day! May you always have work for your hands to do. May your pockets hold always a coin or two. May the sun shine bright on your windowpane. May the rainbow be certain to follow each rain. May… more
St Patrick's Day Punch
share
Here is a recipe to get you into the spirit of St Patrick's Day! St. Patrick's Punch 2 cans (6 oz each)… more