The estimated budget for closing costs tends to fluctuate, but as a general guideline, allocating around 2% of the home’s purchase price is advisable. For instance, if the final purchase price is $750,000, setting aside $15,000 for closing costs is a prudent approach. These costs encompass various expenses such as loan origination fees, recording fees, escrow fees, prepaid HOA fees, property taxes, insurance, and additional charges. Once you’ve pinpointed the specific home you’re interested in, the lender is the most reliable source to provide detailed information about these costs.
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