NAVIGATING YOUR CLOSING COSTS
Navigating the final steps of your home buying journey shouldn't be a mystery. At Pure Lending, we provide the transparency and guidance you need to prepare for your closing day with complete confidence.
What are Closing Costs?
Rough Cost Ranges
Closing costs are the accumulation of fees and expenses paid at the conclusion of a real estate transaction. These are required to finalize your mortgage and legally transfer the property title from the seller to you.
Options for Handling Costs
While every property is unique, you can generally expect closing costs to range between 2% and 5% of the home's purchase price. For example, on a $450,000 purchase, your costs might fall between $9,000 and $22,500 depending on specific property taxes and location.
Typical Items Included
- Loan Origination & Application Fees
- Home Appraisal & Professional Inspection
- Title Search & Title Insurance Policies
- Government Recording Fees & Transfer Taxes
- Prepaid Homeowners Insurance & Property Taxes
At Pure Lending, we explore several strategies to manage these expenses:
- Paid by Buyer: Costs are paid upfront at closing.
- Seller Concessions: The seller pays a portion of your costs.
- Lender Credits: Pure Lending covers costs in exchange for a slightly adjusted rate.