When you take out a mortgage loan to buy a home on 30A, you’re going to have to pay closing costs. You’ll hear all about them from your real estate agent – but what are they, and how much are they going to run you?
Here’s what you need to know.
How Much Are Closing Costs?
Closing costs are the fees you’ll have to pay when you close the deal on your new home. These fees are typically paid to third parties who help facilitate a home’s sale, and they usually total somewhere between 1 and 3 percent of the home’s purchase price.
That’s a big range. If you buy a home for $300,000, you’re paying anywhere between $3,000 and $9,000.
Your real estate agent will be able to tell you, within a reasonable amount, what your closing costs will be if you choose a home – in fact, he or she can give you a ballpark figure based on how much you want to spend on your next house.
Who Pays Closing Costs?
Often, the buyer has to pay closing costs – but it some cases, the seller will pitch in and pay some of them, too. (Remember, the seller has his or her own closing costs to pay – the seller is the one who pays all of the real estate agents involved in the transaction – even your agent.)
For your part in the transaction, you’ll end up paying:
- A loan origination fee
- Credit report fees
- Underwriting fees
- Appraisal costs
- Home inspection fees
- Title search fees
- Survey fees (if you’re buying a single-family home or a townhome, but not if you’re buying a condo)
- Taxes
- Private mortgage insurance, if you’re putting down less than 20 percent
- Discount points, if you’ve chosen to buy them
- Document recording fees
- Attorney’s fees
Are You Buying a Home Along 30A?
If you’re thinking about buying a home for sale on 30A, we can help you. Sign up for exclusive access to the hottest listings – we’ll notify you as soon as homes that meet your needs hit the market!
You can also check out all our 30A real estate listings or get specific with these links:
- Alys Beach homes for sale
- Destin homes for sale
- Grayton Beach homes for sale
- Panama City Beach homes for sale
- Santa Rosa Beach homes for sale
- WaterColor homes for sale
