A common question from my clients is what are closing costs and what do they cover?
Closing costs are a variety of costs associated with the transaction that is in addition to the price of the property itself. Closing costs are separate from the down payment.
Typically closing cost can range in Louisville from 3-3% of the purchase price of the home. Therefore, if you purchase a home that is $100,000, you can expect to pay about $3000 to $3500 in closing costs.
The following are included in closing costs:
- 1st Month priciniple mortgage payment
- 1st month interest mortgage payment
- 6 months to 1 year of the home owners insurance
- Accrued property taxes
- Lender's fees
- Attorney fees
- Credit Reprt
- Title Check
- Title insurance
As experienced buyer agents, we can typically negotiate for the seller to pay a portion of these costs for you.
If you are interested in relocating to Louisville KY, contact the Jimmy Welch team
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