There’s nothing like finally finding the home of your dreams. It’s the perfect fit for your family, the right price and in the right location. Though you may be ready for move-in day, you’ll need to finish up the loan process with closing day.
Before closing, your PrimeLending loan expert will take time to address your questions and guide you to a better understanding of how closing on your specific mortgage will work. Because no two homes, or loans, are the same, it’s almost impossible to provide a complete and accurate list of what might be included in your closing costs.
Total closing costs vary by lender. The home you buy, where it’s located and the type of loan you receive will determine what your costs are – which can range from 2% to 6% of the home’s purchase price. Most of these costs are fees charged by the lender and third parties for the services and work involved with processing and completing your loan. In most cases, closing costs are paid by the borrower.
Common costs for a buyer include:
- Home inspection
- Attorney fee (if required)
- Title search
- Recording the property deed
- Tax services
- Credit report
Who attends closing?
To fully prepare you for closing day you should know who might be present. Who attends closing really depends on the laws in the state where your property is located, the type of home, property and more. In addition to yourself, people who attend the closing might include:
- Your attorney, if you have one.
- The seller’s attorney, if they have one.
- The buyer’s and seller’s real estate professionals.
- The builder’s representative, if a brand-new home is involved.
- The closing agent, who could be a title company representative or a real estate attorney.
- A notary public.
- The seller(s), but it’s not very common.
If you’re looking to gets started on the homebuying process, connect with a PrimeLending loan expert now.