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How Much Are Closing Costs and Will I Have Enough?

How Much Are Closing Costs
How Much Are Closing Costs

There are plenty of people looking to buy a home or condo in Myrtle Beach that think you need at least 20% down to buy a home or condo. But this myth can be dispelled by the fact that there are many loan programs that allow you to put down as little as 3%.

If you’ve already saved up a down payment and want to start your search for a new home, you also need to make sure you save enough for closing costs.

Freddie Mac defines closing costs as:

Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.”

Many first-time homebuyers wish they knew closing costs would be so high. With a low down payment, your closing costs could equal the total amount you saved already for your down payment.

Here’s a list of some of the fees and costs that may be included in the closing costs.

  • Government recording costs
  • Appraisal fees
  • Credit report fees
  • Lender origination fees
  • Title services (insurance, search fees)
  • Tax service fees
  • Survey fees
  • Attorney fees
  • Underwriting fees

Can you avoid these costs?

You can work with your lender to see if these costs can be decreased or deferred. You can get a no-closing mortgage, but they end up costing more in the end with higher interest rates and including the closing costs with the total cost of the mortgage. You can also negotiate with the seller who will pay those fees.

So speak with your lender and agent early and often to determine how much you’ll need to pay at closing. Feel free to contact us and we’ll be happy to help.

To learn more about closing costs or schedule a tour of this beautiful community call us today.

Jerry Pinkas Real Estate Experts


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Jerry Pinkas

About Jerry Pinkas - Born in Baltimore, Maryland, Jerry started investing in real estate, buying his first rental property at the age of 21. With the love of the beach & ocean, he continued his real estate investments in Myrtle Beach and finally decided to move to Myrtle Beach full-time. If you ask Jerry's friends to describe him, they will say he is driven and hard-working. He just loves what he does and throws all of his energy into helping his clients. It's what makes working with Jerry so enjoyable. When not helping other people achieve their dreams, you can find Jerry spending time with his wife & daughters, enjoying all that The Grand Strand has to offer. The Jerry Pinkas Real Estate Experts utilize aggressive marketing techniques to help sell Myrtle Beach real estate. Home sellers need an expert who has an array of knowledge, a tireless work ethic, and supreme dedication to the task. The Jerry Pinkas Real Estate Experts have set the standard when it comes to selling property in Myrtle Beach. We are not just out to sell homes. We want to provide our clients with top customer service. I am grateful to be known as a successful Realtor, investor, business owner, and advisor.

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