Understanding Closing Costs When Buying a Home in Brookings, SD
Posted by Shane Andersen on
Now that you’ve made the exciting decision to buy a home, it’s time to get ready for the financial aspects of the process. While you’re probably focused on your down payment, there’s another expense that’s just as important but often overlooked: closing costs.
Here’s a breakdown of what closing costs are, how much they might be, and a few tips on how to reduce them.
What Are Closing Costs?
Closing costs refer to the additional fees and payments you need to cover when finalizing your home purchase. These fees vary based on the price of the home and the type of financing you’re using, but they’re a standard part of every real estate transaction. Unfortunately, many buyers forget to budget for these costs ahead of time. According to Freddie Mac,…
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