Long Beach Real Estate
From Gwen Kelly
Gwen Kelly, Broadmoor Realty, Inc. / DRE #: 00552325
5500 E Atherton Street # 310, Long Beach, CA 90815
(c) 562.857.4936
Closing Costs
Don't Get Blindsided by Closing Costs

Have you ever decided to buy something, only to find out about additional costs at the end? The last thing you want is to be surprised by unexpected fees – especially at your closing.  You’ve made your financial calculations. Extra charges at the eleventh hour could make all your plans go bust. 

But you can't just skip the closing – that's when the legal ownership is transferred. 

Want to avoid being blindsided at your closing? Here's how to plan ahead for closing fees: 

What’s the deal with closing costs? 
Closing costs typically run about 2% to 5% of the purchase price and are paid to lenders, attorneys and other third parties. 

Common closing costs for buyers:

  • Loan processing fees
  • Home appraisal and inspection fees
  • Property taxes 
  • Escrow Fees for handling the cloisng

Common closing costs for sellers:

  • Mortgage payoff fees 
  • Title transfer fees
  • Brokerage Fees
  • Escrow fees for handling the closing

How can you lower the costs?
After applying for a mortgage, you’ll receive a Loan Estimate from the lender. It summarizes the loan terms, such as the loan amount, interest rate and all closing costs. Comparing Loan Estimates from different lenders is important. 

Page 2 of the Loan Estimate also details the services you can shop around for, such as surveys, appraisals and title searches. 

Are closing costs ever negotiable? 
Yes. A seller or buyer sometimes agrees to pay part or all of the other party’s closing costs. This is something we can negotiate into the purchase agreement.

As for paying the closing costs? Some lenders will allow you to roll the cost into your mortgage. However, you’ll pay interest on it for the life of the loan. Paying cash upfront is a smarter option if you have the funds available. 

Have more questions about closing on a home? Or are you ready to get your home search started? Reach out today.



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