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I was shocked to learn how much closing costs really are
I was reading an article from the Consumer Financial Protection Bureau yesterday, and it said closing costs can average around 3% to 6% of the home's price. For a $300,000 house, that's an extra $9,000 to $18,000 you need to save on top of your down payment. I had no idea it added up to that much. How did you all plan for these extra fees?
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tara_patel4d ago
Yeah, I saw that same CFPB article. It's wild how those fees just keep stacking up.
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My realtor told me to ask the seller for a closing cost credit during the offer. It's a normal part of the negotiation and can save you thousands. We got them to cover almost all of it because the house needed some work. Always worth trying, worst they can say is no.
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patricia5584d ago
My buddy Jake bought a place last year and his closing costs came to almost eleven grand on a $275k house. Honestly, he was so focused on the down payment he almost didn't have the cash. His lender made him get a gift letter from his parents at the last minute to cover the shortfall. It was a huge stress. Tbh, I don't think people talk about that part enough.
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