When a person, couple, family or entity purchase real estate
, there are many fees and costs involved, besides the actual purchase price of the property. These costs are typically referred to as closing costs. Closing costs
will be paid before closing the real estate transaction
, and they are generally the responsibility of the buyer
. In some cases, the seller will pay a certain amount of the closing costs in order to make the home sale more attractive for the buyer or to make the property sell quicker. These closing costs and fees
that are involved in Asheville North Carolina
when purchasing a home
or real estate
can be explained by your realtor and lender.
How much are closing costs?
As a rule of thumb, closing costs to buy a home
will run about 2 to 5 percent of the purchase price
. The largest factor that may affect the closing costs
is the amount of points and loan origination fees that are paid out. Buying a home
involves more out of pocket money than just the down payment. Closing costs
are always on top of the purchase price, and vary by amounts depending on the closing attorney, Title Company, insurance, taxes, escrow amounts, inspections and recording fees.
Closing the Real Estate Transaction
What is a good faith estimate?
Federal law requires that a prospective lender provide a Good Faith Estimate
to you within three days of applying for a mortgage. There can be large discrepancies between the estimate and what you are actually going to pay for the closing costs. Once again, closing costs can vary
but will generally be about 2 to 5 percent of the home purchase price
. Here are some of the things you may encounter as closing costs; loan origination fees, loan discount fees, loan points, attorney fees, appraisal fee, credit report, home inspection fees, taxes, processing fees, underwriting, wire transfers, interim interest, hazard insurance premiums, escrow fees, notary fees, title insurance, tax stamps and the pest inspection. Your Real Estate broker can help educate you
on what to expect at the closing table and the fees involved.
Call Green Mountain Realty
at 828.215.9064 for homes
and luxury real estate