The only buying cost you’ll have is the mortgage
Homebuyers might be shocked to find out more about the closing costs, additional fees that need to be paid for services, and the products that are needed to complete the entire mortgage transaction.
You should expect to pay around 2% to 5% of your mortgage amount for all the closing costs, as experts recommend. It’s also possible to roll all these fees into your mortgage amount.
However, that means you’ll have to borrow a bigger sum and pay more interest on that higher loan amount. If you want to get the best deal on closing all the costs, save up as much as you can, to pay in cash.
1 thought on “8 Myths About Homebuying That Will Cost You a Fortune”
I want out of my mortgage. The fixed APR is fine, I am getting tired of being nickeled and dimed to death by my mortgage company. Seems like every time I turn around they are tacking on some kind of new fee.