How Much To Expect For Closing Costs

calculating closing costs for Woodstock real estateWhether you are a first time home buyer or not, the process of closing on a house can be a bit daunting. Working with an experienced real estate agent will help make the process smoother and remove some of the stress, but most people still have some questions. A couple of the most common questions we hear at our Woodstock real estate agency are “What exactly are closing costs?” and “How much will the closing costs be on my new home?” Read on to learn the answers.

What closing costs include

“Closing costs” is a blanket term that covers a variety of fees levied on a home purchase. Closing costs include fees such as:

  • Loan fees
  • Government filing fees
  • Broker fees
  • Mortgage insurance
  • Flood insurance
  • Inspection fees

How much will my closing costs be?

Your closing costs as a buyer will depend on a number of factors, but the usual rule of thumb is that closing costs will equal 2-5% of the home’s final sale price. After you apply for a loan, your lender is legally obligated to provide you with a GFE, or Good Faith Estimate. The GFE can give you an idea of what to expect, but be aware that it is just an estimate and is subject to change. Go over the GFE with your lender and don’t be afraid to ask questions and negotiate. Some charges, like mailing or handling fees, can be waived or reduced, so it doesn’t hurt to ask.

At The Premier Group, we are proud to provide our clients with helpful, attentive service to make your home buying process easy and straightforward. If you are looking for a Keller Williams real estate agent in Woodstock, Georgia, get in touch with us today.

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