Don't assume that your down payment is all that you'll need to close on your mortgage loan. You'll also need to cover Closing costs before you take control of your property.
Closing costs are upfront expenses that go to your lender in exchange for arranging certain loan services. Some common closing costs you might see are:
You'll see your exact closing costs on a document called a Closing Disclosure (CD). Generally, you can expect to pay 2 5% of your total loan amount in closing costs.
As a first-time buyer, you may qualify for government-backed grants or loans that assist with closing costs. Additionally, it's fairly common to ask the seller to help cover closing costs. Seller concessions could be a flat percentage of the total closing costs, or they could cover specific fees, like title Insurance or attorney fees
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