February 10th, 2018 11:59 AM by Jackie A. Graves, President
Before you get the keys to the home that you're buying, you'll
go through the closing process. Besides signing lots of papers, it also
includes paying certain fees. How much money are we talking about?
A homebuyer typically pays between about 2% and 5% of the home
purchase price in closing fees, but the amount varies widely depending on where
an idea of how much you'll pay in closing fees, check out Bankrate.com's annual state–by–state survey. Be aware that the
amounts are based on good faith estimates for a hypothetical $200,000 mortgage
loan from up to 10 lenders in a city (or several cities) in each state plus
Washington, D.C. The loan in this scenario was for the purchase of an existing
single–family house, not brand–new construction. The hypothetical buyer was not
a first–time homeowner, made a 20% down payment, and had excellent credit.
Also, the estimates excluded some fees that you might need to pay.
more about what to expect at closing on My Home by Freddie Mac®, where you'll find a closing costs calculator and Meet the Experts video series as well as
lots of other information and resources.
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