Closing Costs

When Considering purchasing a home it is always important that you think about other costs associated with the purchase. Especially when your buying your first home and are doing an FHA loan money is tight and every penny counts. Most people don’t know that when it comes time to close there are other fees associated with it other than the obvious down payment. On a $400,000 purchase you account for the 14,000 down payment which is  3.5% down. On top of all that closing costs can add up to $8000 on a purchase of this size! That is more than half than what you originally thought you had to come up with for cash.

Proper planning is extremely important when closing out your loan and having a team to explain the hidden costs are even more important.