Closing costs are a mystery to many homebuyers, who understandably might not know how much they will be responsible for at closing, why they will pay that amount and what the costs are really for when they buy a home. One of the most common questions we get from our customers is: “How much do I have to come up with out of pocket for closing costs?”
Closing costs are your costs associated with purchasing a home and getting a home loan. They often include but are not limited to your real estate taxes, mortgage origination fees, daily interest, homeowners insurance, appraisal, owner’s and lender’s title insurance, escrow or settlement costs, transfer taxes, etc. These costs can vary depending on the price range of home you are purchasing and they are due in full at the time of closing on your home. You can expect approximately 2% of the sales price in closing costs on a typical home purchase. However, ask us how you can save with our closing cost assistance program with our featured lender.
Working with a builder’s trusted lender and settlement company can benefit you because you won’t have any last minute costs or surprises and will get the benefit of preferred rates.
The featured lender has an affiliated business relationship with EDC Homes. You are under no obligation to use the featured lender for financing. If you have a brokerage relationship with another agency, this is not intended as a solicitation. This communication is provided to you for informational purposes only and should not be relied upon by you. EDC Homes is not a mortgage lender and so you should contact Atlantic Bay Mortgage Group, L.L.C. directly to learn more about its mortgage products and your eligibility for such products. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.