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Buyers: Be prepared for closing costs

Posted by Beach Club Real Estate on Tuesday, November 27th, 2018 at 9:54am.

 

Homebuyers, be prepared for closing costs as you determine what you can afford and how much of a down payment you will need to purchase your dream home. 

Closing costs are lender and third-party fees paid at the time of closing (or financed as part of the deal).  According to Trulia, closing costs can range in price from 2% to 5% of the purchase price for a home.  Yet there may also be additional neighborhood and/or plantation property owner association fees and transfer fees as well if you are buying in the Hilton Head Island area.  Reach out to me to know upfront what these fees could be at time of closing.  Having these upfront discussions will help avoid any headaches at the time of closing.

By law, a homebuyer should expect a loan estimate from their mortgage lender 3 days after loan application which will detail estimates of closing costs.  Three days before closing, you should receive a closing disclosure.  This final document details more specifically the closing costs you can expect at the time of settlement.  South Carolina is an attorney closing state.  You can count on your Realtor, Mortgage broker and closing attorney to keep you up to date and informed on the closing costs.

Buying a home can be a stressful process with many important details to consider.  I’m here to help!  Please reach out to me via the contact information below.  Thank you!

 

LORRI LEWIS

 

 

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