As you prepare for buying a home in California, it’s important to plan and properly budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment, most homebuyers were surprised by their closing costs. Sellers are less likely to pay or offer Home Buyers credit towards Fees like has often been the case in years past. Here’s some general information to help you get started so you’re not caught off guard when it’s time to close on your home.

What Are Closing Costs?

One possible reason some people are surprised by closing costs may be because they don’t know what they are or what they cover.

“Closing costs encompass a variety of expenses above your property’s purchase price. They include things like lender fees, title insurance, government processing fees, upfront tax payments and homeowners insurance.”

In other words, your closing costs are a collection of fees and payments made to a variety of individuals and organizations who are involved with your transaction. According to FNMA while they can vary by location and situation, new loan closing costs in California typically include:

Underwriting fees
Appraisal fees
Credit report fee
Lender origination fees
Title services
Escrow and recording fees
Survey fees
Notary fees
Loan Processing fees
Tax service fees

 

While there are many other details to loan closing costs, you can always phone Contact Dan Cassel and his Loan team at Trinity Mortgage to get further answers to your loan questions and apply for a Mortgage.  Dan Cassel Direct- 858-204-6209.