But what are they, and how much of a dent will they put in your savings account?
What Are Closing Costs?
Closing costs are expenses associated with buying a home that are over and above the property’s price. They can include a wide range of fees, including:
- Appraisal fees
- Credit check fees
- Deed-recording fees
- Discount points
- Loan origination fees
- Title insurance
- Title search fees
This isn’t a complete list, and closing costs can vary on different transactions. Your Irvine Realtor® can explain the exact breakdown for your transaction (and help you determine where you can – or can’t – save a little cash).
When Do You Pay Closing Costs?
When the seller transfers the property’s title to you, the buyer, closing costs kick in.
In many cases, closing costs can be paid by either the buyer or seller. However, every transaction is different, so you’ll want to check with your agent to find out who’s ultimately responsible for paying them.
How Much Are Closing Costs?
Closing costs depend on the total value of the home. You can expect to pay between 2 percent and 5 percent of the home’s purchase price to cover closing costs.
For example, if you were buying a $100,000 home, your closing costs would be between $2,000 and $5,000.
Your agent will tell you exactly how much you’ll have to pay in closing costs for your specific transaction.
Are You Thinking of Buying a Home in Irvine?
In the meantime, check out our:
- Airport area real estate listings
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