{"id":1717,"date":"2021-05-17T13:06:27","date_gmt":"2021-05-17T13:06:27","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1717"},"modified":"2021-05-17T13:06:27","modified_gmt":"2021-05-17T13:06:27","slug":"dont-forget-budget-closing-costs","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/dont-forget-budget-closing-costs\/","title":{"rendered":"Don\u2019t Forget to Budget for Closing Costs"},"content":{"rendered":"
\"\"

Don\u2019t Forget to Budget for Closing Costs<\/p><\/div>\n

When buying a home, it\u2019s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a\u00a0down payment<\/a>\u00a0is the main cost that comes to mind for many, but budgeting for the\u00a0closing costs<\/strong>\u00a0required to get a mortgage is just as important.<\/p>\n

What Are Closing Costs?<\/strong><\/h4>\n

According to\u00a0Trulia<\/em><\/a>:<\/p>\n

\u201cWhen you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home,\u00a0<\/em>and can include title insurance, origination fees, underwriting fees, document preparation fees, and more<\/em>.\u201d<\/p><\/blockquote>\n

For example, for someone buying a $300,000 home, they could potentially have between $6,000 and $15,000 in closing fees. If you\u2019re in the market for a home above this price range, your closing costs could be greater. As mentioned above,\u00a0closing costs are typically between 2% and 5% of your purchase price.<\/strong>\u00a0<\/strong><\/p>\n

Trulia<\/em><\/a>\u00a0gives more great advice, explaining:<\/p>\n

\u201cThere will be lots of paperwork in front of you on closing day, and not enough time to read them all. Work closely with your real estate agent, lender, and attorney, if you have one, to get all the documents you need ahead of time.<\/em><\/p><\/blockquote>\n

The most important thing to read is the closing disclosure, which shows your loan terms, final closing costs, and any outstanding fees. You\u2019ll get this form about three days before closing since, once you (the borrower) sign it, there\u2019s a three-day waiting period before you can sign the mortgage loan docs. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask\u2014your real estate agent is a great resource for getting you all the answers you need.\u201d<\/em><\/p>\n

Bottom Line
\n<\/strong><\/h3>\n

As home prices are rising and more buyers are finding themselves competing in bidding wars, it\u2019s more important than ever to make sure your plan includes budgeting for closing costs. Let\u2019s connect to be sure you have everything you need to land your dream home.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

When buying a home, it\u2019s important to have a budget and make sure you plan ahead for certain homebuying expenses. Finish Reading Don\u2019t Forget to Budget for Closing Costs<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,15,65,43,10,18,27,91,52,25,49,40,63,20,12,24,48,13,28,54,47,19,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1717"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1717"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1717\/revisions"}],"predecessor-version":[{"id":1718,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1717\/revisions\/1718"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}