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Understanding Home Closing Costs

ISLAMORADA, Fla. - Sept. 20, 2017 - Rezul -- Per Kim Bagnell Thaler, Top Producing Real Estate agent for Sotheby's International in Islamorada Florida,"When you buy a home, you'll pull your wallet out time and time again. It starts with saving a for down payment, earnest money deposit, inspections, moving, miscellaneous expenses, and closing costs. In most instances, the buyer is the party to pay closing costs, which usually run between 2 and 5 percent of the purchase price.

Understanding Home Closing Costs

So, what exactly are closing costs? Simply put, these are third-party charges the mortgage lender passes onto the borrower. It's also quite common for the lender to also include their own fees. Closing costs most often include the following:

• ●Credit report(s)
• ●Legal fees
• ●Surveys
• ●Title insurance
• ●Title search(es)
• ●Sale recording
• ●Mortgage underwriting
• ●Appraisal(s)
• ●Origination fee(s)

Additionally, closing costs can include discount points, which is money paid to lower the home loan interest rate. The good news is the lender must provide the borrower with a GFE or Good Faith Estimate, which discloses the costs associated with the mortgage.

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What most borrowers don't really know or fully understand is that closing costs are (at least in-part) negotiable. Now, this doesn't mean every line item is negotiable but some are and it's good to know which you can haggle over.

Closing costs are necessary part of the home buying process but they don't have to be confusing. If you don't understand one or more of the closing costs, don't hesitate to ask your real estate agent, mortgage broker, or attorney for an explanation. And, before you apply for a mortgage be sure to plan for these extra expenses.

Kim Bagnell Thaler is a pioneer among Florida Keys realtors. Regarded as one of the most influential realtors in the middle and upper keys, she provides expert and professional real estate service.

With her vast knowledge, 20 years experience and commitment to the highest

ethical standards, Kim remains a standout among other Florida Keys Real Estate  Agents.For help finding Florida Keys Real Estate please see

Kim Bagnell Thaler

Source: Kim Bagnell Thaler

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