If you’re thinking about buying a home, it isn’t just the down payment you should save up for. Be sure to plan for closing costs too. Closing costs are the fees and expenses that come with a real estate transaction. These can include appraisal fees, title and escrow services, attorneys fees in some states, underwriting fees, and more.
But you’re probably wondering how much to save, right?
The cost to close on the buying side of a transaction here in Cypress and Orange County is generally around one percent of the total purchase price of the home. With that in mind, let’s use today’s median single family home price in Cypress California as an example. A nine hundred forty-four thousand dollar home will have closing costs between roughly nine to ten thousand dollars. But keep in mind that can vary based on a number of factors, down to when in the fiscal year your escrow will close. You’ll need to work with your lender in the process to hone in the amount needed.
So, as you’re getting ready to buy a home, make sure you budget for everything.
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