Understanding property deal closing costs

THINK OUTSIDE THE BOX: When you purchase a new home, there are many additional costs beyond the purchase price for which you will be responsible before you are handed the keys.

While total closing costs will vary by region, you can expect them to equal somewhere between 2 – 4% of the purchase price. In fact, most lenders will require proof that you have sufficient resources beyond your down payment in order to manage these expenses.

To help you understand not only the costs you will incur during the purchase process, but also when you are required to pay, this Home Trust Mortgages Blog article, has broken this discussion into the following phases:

• Costs when making the offer
• Costs prior to closing
• Costs due at closing

Click here to read full article.

by Pino Decina         Home Trust Company              February 23, 2017