🏡 Are you a first-time home buyer in Colorado Springs looking to understand your closing costs? In this informative video, we break down everything you need to know about closing costs when buying a home in Colorado.
🤔 "How much are your closing costs?" It's a common question, and here's what you need to know. In the state of Colorado, the average closing cost is approximately $3,750. But let's dive deeper into what's included in this cost.
📜 Closing costs cover expenses such as title fees, county recording fees, transfer taxes, and appraisals. However, it's important to note that they do not include items like insurance or rate buy-downs. These are standard costs you can expect on most loans.
💡 But wait, there's more! You'll also need to set up an escrow account, typically covering about 14 months of insurance and around 4 months of taxes. The actual amount can vary based on your home's price and insurance rates. Your choice of insurance agent and policy can also influence the total premium.
📅 The timing of your closing matters too! Closing at the end of the month may only incur one day of interest, while closing earlier might result in several weeks of interest charges. This can impact the amount you need to bring to the closing table.
💰 Speaking of payments, there's one essential upfront cost: the appraisal, which can range from $700 to $1,000. The rest can often be paid at closing, and don't forget, your earnest money can be applied toward these costs.
📊 To get a precise breakdown of your closing costs, consult your loan officer. Remember that you'll receive a closing disclosure at least 3 days before closing, ensuring you have time to review and clarify any questions.
📞 Have more questions or need assistance with your home loan? Contact 719 Lending at (844) 719-5363 or visit our website for more information. We're here to help you on your journey to homeownership!
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⚠️ Disclaimer: This blog/video is for informational purposes only. The content is not guaranteed or endorsed by 719 Lending, Inc., nor is it an offer of credit. The information may not be applicable in all situations. Consult your mortgage advisor before acting on this information. Equal Housing Opportunity. Company NMLS: 1601989
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