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You’re in the home stretch! Before negotiating a purchase price, familiarize yourself with the closing costs. These fees are typically two to five percent of the purchase price. Other hidden expenses can include mandatory repairs, escrow fees, and prepaid homeowner’s insurance.
After agreeing on a purchasing price, your primary concern is paperwork. That includes getting a home appraisal and signing closing documents. Your mortgage lender can handle most of it to ensure you become the rightful owner of the home.
Congratulations! You’ve made it to homeownership. Getting here can feel like a lot of work, but if you prepare and educate yourself beforehand, the process will be more manageable. Small, proactive steps like setting a budget and fielding mortgage loan offers will give you the confidence to reach the closing process.
That way, you can have the house you want at a price you love.