When it comes to buying your first home, are there two words that are more unpleasant and unwelcome than “down payment?” How about “closing costs?” That’s because first-timer buyers are often surprised by this expense, or at least confused about how much they will need to pay.
Additionally, buyers may not understand that some of the fees under the closing costs umbrella are not set in stone. Yes, there are ways to save money on closing costs. We’re breaking down the potential savings.
What are closing costs?
First, it’s important to understand the role closing costs play in your mortgage—especially because we’re not talking about a measly amount. Closing costs can range from 2–6% of the total cost of your loan. So, on a $250,000…