How Much Money Do I Need to Buy a House in Sarasota Florida?
Over Half of All Buyers Across the Country Are Surprised by Closing Costs
When buying a home on Sarasota’s Suncoast, choosing a good real estate agent is your first step. A good agent is going to have a team of real estate professionals to help make the home buying process as smooth as possible. Part of that team is a good mortgage lender. Your mortgage lender is going to help you understand the mortgage process and what will be needed from you in order to get a mortgage.
If you’re getting financing, it’s likely you’ll need a down payment. In addition to a down payment, you can expect to incur closing costs. Your mortgage lender can give you a pretty good idea as to how much your closing costs will run. Depending on the home you’re purchasing and the loan program you qualify for, it’s possible to ask the seller to pay for some of those closing costs.
According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.com recently gathered closing cost data from lenders in every state and Washington, D.C. to be able to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.
Keep in mind that if you are in the market for a home above this price range. your costs could be significantly more. According to Freddie Mac,
“Closing costs are typically between 2 and 5% of your purchase price.”
Bottom Line
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
Considering Buying? Wondering if You Qualify for a Loan?
Please understand that not all mortgage lenders are created equal. We can help you when it comes to choosing a good mortgage lender on Sarasota’s Suncoast. If you’re curious about buying, call Julie Larson at 941-882-0322 or complete the form below…
