Purchasing a home is exciting. Finally, all of your house hunting and negotiating has paid off! However, once escrow begins the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. Watch this video to have a good mental picture of the costs that you’re likely to incur.
Closing costs simply refer to the fees related to various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream home, you can easily lose track of the fact you are going to need to have some serious cash on hand to pay them. Many people make the mistake of only assuming they need the down payment money and have to rush around town trying to come up with money for the closing fees. There are three kinds of costs to keep in mind when purchasing a new home:
Loan Costs
- Loan Fees
- Interest
- Insurance
- Reserves
Title Costs
- Title Search Fee
- Title Insurance
- Closing Fees
Records Costs
- Recordation
- Stamps
- Taxes
Do yourself a favor and discuss closing costs in advance with your real estate or mortgage person.
At Title Junction, we care about helping you stay informed throughout your real estate transaction. The experts at our title company have extensive knowledge about real estate not only in Cape Coral and Fort Myers, but all of Florida as well.
Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: Real Estate Agents: Don’t Lose Touch With Your Client After Closing