Closing Costs - What They Include, And What They Might Not
Many people focus on how much of a down payment they need to secure a mortgage but you also need to focus on the additional expenses including closing costs. Closing costs refer to the assortment of fees a person must pay to their mortgage lender when closing a home. These costs are due when you finalize the mortgage and take the property's title. Closing costs usually range from 2% to 5% of the amount you have borrowed.
Closing costs must be included in your home buying budget. Here is everything you need to know about closing costs, how much they will cost you, what they include and what they might not.