When buying a property, closing costs are an important financial consideration. Typically, these costs range from 2% to 5% of the purchase price and cover various fees involved in the transaction. These can include charges for loan origination, escrow services, appraisals, and other related expenses. The exact costs can vary based on the location, type of property, and the specifics of the loan.
After completing the purchase, buyers will receive an itemized list detailing all closing costs. It’s important to remember that the final amounts may differ by up to 10% from the initial “good faith estimate” provided by the lender.
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