Planning ahead for your homebuying expenses is very important when buying a home. Many homebuyers feel the down payment is the main payment to budget for, however, the required closing costs are just as important.
For example, someone buying a $300k home could have anywhere between $6k to $15k in closing costs. If you want a home that costs more, your closing costs could be more substantial.
As more buyers are finding themselves competing in bidding wars and home prices are rising, it’s important to make sure your plan includes the proper budgeting for closing costs. To be sure you have everything you need to land your dream home, work with your lender and a local real estate professional as soon as possible.