· Summary: Home buyer closing costs in Washington State range from about 1% to 3% of the purchase price, on average. But there are many variables that can affect the total amount you pay at closing. You should receive a detailed “Loan Estimate” document when you apply for a mortgage loan.
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Typical closing costs are around 2-5% of the purchase price of the home. So on a $100,000 home, the closing costs will be between $2,000 – $5,000. Add this amount to a typical down payment of 20%, or $20,000, and it is easy to see why a home buyer would want to limit closing costs as much as possible.
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Closing costs for sellers vary according to where you live, but as the seller you can expect to pay anywhere from 6 percent to 10 percent of the home’s sales price at settlement.
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Closing costs are expenses over and above the price of the property in a real estate transaction. Costs incurred include loan origination fees, discount points , appraisal fees, title searches.
Closing costs on a property vary with each individual transaction. What may be needed on one you may not need on another. A breakdown of each cost and credit is placed on a closing statement so the buyer and seller can see what they are paying for, and where the price of the property is coming from.
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How much are closing costs? average closing costs for the buyer run between about 2% and 5% of the loan amount. That means, on a $300,000 home purchase, you would pay from $6,000 to $15,000 in.
It’s possible to buy a house with bad credit, but you will likely end up paying a higher mortgage rate.
“I have read in several places on the web that it is possible to finance your closing costs into an FHA loan. However, many of these sources are at least a couple.
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