Real Estate Closings Knoxville
How Much Does It Cost to Close on a House?
Closing costs are the fees third parties charge when you finalize buying your home. These costs usually include the home inspection bill and premium for homeowners insurance. Also, appraisal fee, credit report charges, attorney expenses, and so forth. You’ll need to pay some of these fees before the actual closing day (earnest money, home inspection).
On average, you’ll pay 3–4% of the purchase price of your home in closing fees. For example, if your home costs $300,000, you might pay between $9,000 and $12,000 in closing costs.
How to Be Prepared for Closing Costs
At least three business days before closing, your lender must send you a Closing Disclosure. This form lists all final terms of your loan. Terms such as closing costs and the details of who pays and receives money at closing.
Review each cost carefully ahead of time and compare it to your original Loan Estimate. This is the form you received soon after you applied. This tells you the estimated interest rate, monthly payment, and total closing costs for your loan. If anything has changed, ask your lender why.
Double-check your monthly mortgage amount. Make sure everything was calculated correctly—and that you really can afford it. Your mortgage payment shouldn’t exceed 25% of your monthly take-home pay.
What Do I Need to Bring on Closing Day?
To make sure everything runs smoothly, you’ll need to bring a few things to your closing appointment. Your title company representative and mortgage loan officer usually provides a checklist of everything you’ll need. This list includes:
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Photo ID
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Outstanding documents or paperwork for the title company or mortgage loan officer
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Certified or cashier’s check made payable to the title or closing company for closing costs that aren’t deducted from the sales price.
Contact Crossland Title, Inc for any questions you may have about closings!