{"id":332,"date":"2019-12-11T15:40:47","date_gmt":"2019-12-11T15:40:47","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=332"},"modified":"2019-12-11T15:40:49","modified_gmt":"2019-12-11T15:40:49","slug":"have-you-budgeted-for-closing-costs","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/have-you-budgeted-for-closing-costs\/","title":{"rendered":"Have You Budgeted for Closing Costs?"},"content":{"rendered":"\n
\"\"
Serious African American couple discussing paper documents, sitting together on couch at home, man and woman checking bills, bank account balance, terms of contract, mortgage, loan agreement<\/figcaption><\/figure>\n\n\n\n

Saving for a down payment is a key step in the homebuying process, and it\u2019s not the only piece you need to include in your budget. Another factor that\u2019s important to plan for is the closing costs required to obtain a mortgage.<\/p>\n\n\n\n

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

According to Trulia<\/em><\/a>,<\/p>\n\n\n\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, <\/em>and can include title insurance, origination fees, underwriting fees, document preparation fees, and more<\/em>.\u201d<\/p><\/blockquote>\n\n\n\n

For those who buy a $250,000 home, for example, that amount could be between $5,000 and $12,500 in closing fees. Keep in mind, if you\u2019re in the market for a home above this price range, your costs could be significantly greater. As mentioned before,<\/p>\n\n\n\n

Closing costs are typically between 2% and 5% of your purchase price.<\/strong><\/h4>\n\n\n\n

Trulia<\/em><\/a> gives more great advice, saying,<\/p>\n\n\n\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>

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><\/blockquote>\n\n\n\n

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

Let\u2019s get together to discuss the homebuying process, to be sure your plan includes budgeting for what you need to purchase your dream home \u2013 without any surprises!
<\/p>\n\n\n\n

Contact us:
PHP Houses<\/a>
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com<\/a><\/p>\n\n\n\n

Let’s Connect:
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<\/p>\n","protected":false},"excerpt":{"rendered":"

Saving for a down payment is a key step in the homebuying process, and it\u2019s not the only piece you need to include in your budget. Another factor that\u2019s important to plan for is the closing costs required to obtain a mortgage. Finish Reading Have You Budgeted for Closing Costs?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[15,65,18,27,57,52,49,23,40,63,20,5,48,28,47,19],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/332"}],"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=332"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/332\/revisions"}],"predecessor-version":[{"id":334,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/332\/revisions\/334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media\/333"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}