{"id":2502,"date":"2022-03-15T20:59:18","date_gmt":"2022-03-15T20:59:18","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2502"},"modified":"2022-03-15T20:59:18","modified_gmt":"2022-03-15T20:59:18","slug":"dont-get-caught-off-guard-closing-costs","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/dont-get-caught-off-guard-closing-costs\/","title":{"rendered":"Don\u2019t Get Caught Off Guard by Closing Costs"},"content":{"rendered":"
\"\"

Don\u2019t Get Caught Off Guard by Closing Costs<\/p><\/div>\n

\n
\n
\n

As a homebuyer, it\u2019s important to plan and budget for the expenses you\u2019ll encounter when you purchase a home. While most people understand the need to save for a down payment<\/a>, a recent survey<\/a> found 41% of homebuyers were surprised by their closing costs. Here\u2019s some information to help you get started so you\u2019re not caught off guard when it\u2019s time to close on your home.<\/p>\n

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

One possible reason some people are surprised by closing costs may be because they don\u2019t know what they are or what they cover. According to U.S. News and World Report<\/em><\/a>:<\/p>\n

\u201cClosing costs encompass a variety of expenses above your property\u2019s purchase price. They include things like lender fees, title insurance, government processing fees, upfront tax payments and homeowners insurance.\u201d<\/em><\/p><\/blockquote>\n

In other words, your closing costs are a collection of fees and payments made to a variety of individuals and organizations who are involved with your transaction. According to Freddie Mac<\/em><\/a>, while they can vary by location and situation, closing costs typically include:<\/p>\n