Most new homeowners think that their financial obligations when buying a new home ends when they sign a mortgage agreement.
However, the journey to monthly mortgage payments only begins when closing costs are finalized.
Closing costs are the numerous fees, expenses, and services that must be paid before a home sale is complete. A prospective homeowner pays anywhere between 2% to 5% of the home’s value in closing costs alone.
The number and amount of closing costs you’ll pay varies by location. The average home in 2019 costs $363,000. Here is a list of some typical closing costs.
